Moshi, TZ – Maendeleo Primary’s Furaha Community Bank passes crop loan to farmers – 15 May 2019

Furaha VICOBA Group received a loan from Tupendane for 1,300,000 TZS (USD $571) so that it could  assist members to grow corn. The loan was used to pay for seed and petrol for watering pumps.

Furaha Group is also the task force that supports Maendeleo Primary School’s breakfast program. The group has been active for almost two years. In this time they have built trust by successfully collaborating with Tupendane on school farming activities and by starting their own Village Community Banking (VICOBA) group, lending to each other, and recording a history of repayments. Furaha VICOBA Group also increased their membership to 33 people, increasing the size of the loan fund and total weekly deposits. This strong track record made both Tupendane and the district government  feel confident providing a loan to the group.

They are currently challenged by the need for more capital to grow their businesses. They are also getting more and more applications for membership as a result of their good reputation. This is a good opportunity to increase deposits, but also a risk as a larger group is harder to manage.

They hope to increase their current capital, add members at a sustainbale rate, and pursue new income-generating activities like chicken farming and other animal husbandry projects.