Loans to developing world entrepreneurs offer alternative Christmas gifts

A loan to an entrepreneur in the developing world could make the ideal ‘alternative' gift this Christmas, according to The Co-operative and CARE International UK.

Earlier this year, the two organisations officially launched lendwithcare.org, an innovative scheme that enables people in the UK to lend small amounts to entrepreneurs running their own business in poor communities.

Now the loans can be given as a gift voucher to a friend or loved one, who can then choose which entrepreneur they would like to support.  The entrepreneur uses the loan to help grow their business, and as their business develops, they pay the lender back, who can then choose to withdraw the money, or recycle it into another loan.

It may be a farmer in Cambodia who is seeking a loan to buy seeds, or a shopkeeper in Togo looking for funds to buy new supplies- enabling them to trade their own way out of poverty.

Paul Monaghan, Head of Social Goals at The Co-operative said: "The idea of giving gifts that benefit the developing world is now well established but the big advantage of this scheme is that the loan is eventually repaid so the recipient can still get the money.

"Around three quarters of the entrepreneurs receiving loans are women and so we think these loan vouchers will prove to be a popular gift for female relatives and friends."

Head of Lendwithcare, Tracey Horner, said: "We're so pleased to offer people the chance to give the gift of opportunity this Christmas. For less than the cost of a Christmas jumper, it is possible to change a life. We think that's the best value gift available."

The gift vouchers are available in a range of designs which can be sent via email or downloaded and printed, and start from £15. They are available to purchase at lendwithcare.org/gift_vouchers