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 just planted our third branch in KZN. That’s three branches in five months! We have never done that before. Four branches are planned to open next year with two opening in the first quarter. The staff have been hired for the branch set to open in January. Our Regional Manager (Hezekial) and his team is working hard to handle the growth and plans for 2016.
- The first part of 2015 saw a slow down in growth at some of our older branches, but in this quarter activity has begun to increase again and these months have been record breaking for us. We recently passed the R100 million mark in loans distributed since we began in 2008.
- As the communities we serve prepare for the December holidays and celebrations, our teams are striving to provide education and support to help our clients avoid the debt and financial distress that too often comes in January.
- The Phakamani US and Canada teams have been busy with fundraising efforts. We are expecting a strong 2016! The annual US event took place last week. Please make an end of the year donation and continue to share the work of Phakamani with your friends and family. Follow us on Facebook to stay in touch.
- The Phakamani Trust has established relationships with two companies and continues to grow in order to increase the foundation’s future impact. Progress with the foundation will be slow, but our hope is that companies that do decide to donate a small share of their business (up to 3%) will stay the course with Phakamani for many years to come.
- Our new COO is in place and the Crawford family is happily settled in Nelspruit. Mark Tucker and other Phakamani leadership are working hard to secure new and continued financial support.