Inc. staff

Microloans for Women in Business

A new program called FITE provides microloans to women in business.

 

Paul Brissman

Jane Wurwand, founder of the skin care company Dermalogica, is teaming with the microfinance platform Kiva to launch FITE.

FITE has facilitated 365 loans, averaging $300 each, to women worldwide. Here are three examples:

Rahela Faroqy, founder of Faroqy Group, a tailoring business in Kabul, Afghanistan, received $1,175 from 40 lenders to buy cloth and a new sewing machine.

Maria Manzo, founder of Madame Shoes & Accessories in Tomball, Texas, raised $8,600 from 274 lenders. Manzo plans to use the money for advertising.

Oyun Nymaa received $825 from 27 lenders to buy more products for her food stall in Han-Uul, Mongolia. She hopes to expand to a larger grocery store.