WCCN reaches 1000 individual investors!
WCCN’s microfinance program has reached a milestone in accomplishing an important part of its mission: Now, over 1,000 individuals are supporting microfinance in Nicaragua by investing in the NICA Fund! This accomplishment is a measure of the program’s progress in a number of ways. These socially responsible investors have helped to increase the size of the Fund, which means more capital is available for microcredit loans. It is also a sign of the success of WCCN’s new partnership with MicroPlace.com in creating new people-to-people connections.
To promote the availability of capital to marginalized populations, the NICA Fund is continually seeking more investment funds. To complement WCCN’s value in inclusive financial services for the poor, the NICA Fund focuses on raising these funds from socially responsible, everyday people. Certainly the Fund enjoys a diverse mix of investors that include foundations and religious organizations, but support from individuals make the Fund truly a unique model of cooperation between North and South. Out of the shared values between WCCN and MicroPlace, the partnership we have developed adds diversity to our investor base, and enables grassroots connections at a greater scale over the Internet.
The importance of connecting citizens in the U.S. to citizens of Nicaragua is ingrained in the culture of WCCN, and is a central tenet of WCCN’s model of microfinance. For 18 years, WCCN members have grown the Fund with average investments of $5,000, to over $10 million today. WCCN members are always spreading the word; reaching out to friends and family who contact the WCCN office and become investors too. The NICA Fund gains two or three investors each month through this traditional method of investing. WCCN and MicroPlace are building on this dynamic, applying technology to raise awareness that leads to new connections to Nicaragua. With MicroPlace’s help, the NICA Fund is now gaining around eight investors each day!
Furthermore, MicroPlace is breaking down the cost barrier of investing small amounts. Investing through MicroPlace is an alternative to the traditional method, which requires at least $1,000 to invest in the NICA Fund. MicroPlace enables investments as small as $20, so more people than ever can participate in the program. More opportunity for everyday U.S. citizens means more opportunity for microcredit borrowers!
Our challenge is to foster our new relationships as we have with WCCN members, in hopes they will be as committed to our work as you are. We hope you will again show your support by sharing this new feature of the NICA Fund with others.
By Emily Allred
Loan Fund Manager