Recently a small business loan made to a rural woman had the effect of pushing our total amount of loans processed since 2008 to over R100 million ($7.7 million). That was a huge milestone for the Phakamani Foundation and a proud day indeed. We are excited about all the work we have been able to accomplish in order to empower and support the work of so many hard-working, passionate and deserving women in South Africa. As we look towards the end of this milestone year, we are grateful for your support and are hopeful about what the future holds.
EXCITING UPDATES FROM THE FIELD
- Phakamani‘s expansion into the kwaZulu Natal (KZN) province is going well. As of May, 120 women have been trained. We are in the process of establishing the next KZN branch and looking forward to increasing the impact into the province.
- We continue to strengthen the Phakamani Trust and believe the foundation we lay today will be a source of growth and strength in the future. The Phakamani Trust allows South African companies to earn Black Economic Empowerment (BBBEE) credits by donating a small amount of their equity to the Trust. The proceeds (dividends or income) earned by the Trust is then transferred to Phakamani Foundation as its sole beneficiary. If this type of social investment interests you, please contact Mark directly. Learn more about BBBEE on our site.
- We are excited to welcome Eric Crawford and his family! Eric joins Phakamani as our new COO in August. Eric is a seasoned business professional having held two COO positions in the past. Along with his experience he has an MBA, but most importantly he has demonstrated his ability to solve problems as well as design and implement systems. He has an easy yet effective management style and a heart to make a difference in this next stage of life. He is married to Joanne and they have three children.