Building bridges: Shurush continues selection of new microcredit loan program partner
As Shurush celebrates the one-year anniversary of our inaugural microloan program with the East Jerusalem YMCA, we are gearing up to launch our second partnership program. As reported in the last issue of The Roots Report, this summer we issued a request for proposals (RFP) to Palestinian microfinance, educational, non-governmental, and other community development institutions to apply to Shurush for a no-interest loan and/or grant to facilitate the "Development and Management of an Innovative and High-Impact Job-Creation Program in the West Bank and/or Gaza." Shurush's goal is to partner with an MFI and provide the funding and technical support necessary to launch a new and innovative loan program in underserved communities in the West Bank and/or Gaza. In particular, Shurush wants to focus on improving the lives of young men and women (under the age of 35), who have been particularly affected by the lack of employment prospects in the current economy. During Ms. Fazzone’s trip to the Middle East, she conducted on-site interviews with several of the microfinance institutions that submitted proposals. In the coming weeks, we will embark on the final stages of the selection process.
Simultaneously, we continue to raise funds to complete the partnership loan fund. Although we are close to our goal of funding a loan in the amount of $20,000, we are not there yet. We hope that, as 2005 comes to a close, Shurush’s generous donors will consider making another tax-deductible gift. Further, we encourage Shurush supporters who have not yet contributed to contact us with any questions. Thank you in advance for helping us to realize our goals so that Palestinian entrepreneurs can realize theirs. We need to raise an additional $5,000-$8,000 to put toward the loan fund and to cover the administrative and travel expenses necessary to launch this new partnership program. Due to our small size and limited overhead expenses, all donations directly support our microcredit loan program and related administrative expenses.
Every donation counts. And every donation to Shurush is matched, dollar for dollar, by our angel donor. Shurush is recognized by the Internal Revenue Service as a 501(c)(3) charitable organization; therefore, all donations are tax-deductible. If you have a question about donating or to learn more about our programs, please feel free to email us at info@shurush.org.
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Ear to the ground: current stats
- As of March 2005, roughly 60 percent of Palestinian microfinance clients were women.
- The average loan size granted by Palestinian MFIs is $2,500 and is gradually increasing.
- The GDP per capita decreased from $1,620 in 1999 to $1,184 in 2003 due to the impact of the intifada; it is back slightly above $1,200 in 2004 and in 2005 predictions.
- The poverty rate jumped from 21 percent in 1999 to 67 percent in 2005.
- More than 80 percent of the population of Gaza lives in poverty.
- The unemployment rate ranges from 26 percent to 50 percent, according to estimates.
Source: "Microfinance in Palestine in 2005: Overview of Impact and Potential; Recommendations to the Main Actors of the Sector," published in August 2005. Research funded by the Center for International Development at Harvard University and the Women and Public Policy Program (WAPPP) of Harvard’s John F. Kennedy School of Government, through the Nancy Germeshausen Klavans Cultural Bridge Fellowship. Conducted by Luc Roullet for Israel/Palestine Center for Research and Information (IPCRI). According to its website, “IPCRI, founded in Jerusalem in 1988, is the only joint Israeli-Palestinian public policy think-tank in the world. It is devoted to developing practical solutions for the Israeli-Palestinian conflict.” A pdf version of “Microfinance in Palestine in 2005” is available at http://www.ipcri.org/files/microfinance.pdf
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In the
next issue of The Roots Report
- Our
growing circle of support: Shurush to honor its largest
donors
We have received tremendous support for our loan programs,
much of which has come from significant contributions by
private donors who believe that our mission can create positive
change in the lives of young Palestinians. After we announce
our next loan partnership, we plan to have a special edition
of our newsletter honoring the funders who have allowed
us to transform our vision into a tangible reality.
- Ask the expert: The Palestinian Microfinance
Network’s Samir Barghouthi to answer your questions
Submit your questions about Palestinian microfinance by
November 30 to info@shurush.org
and put the "Ask the expert" in the subject header.
We look forward to hearing from you!
- An olive tree grows in Bethlehem:
Shurush COO Amanda Fazzone on her weeklong field assessment
in the West Bank
- Growing roots: Update on Shurush's new microcredit loan
program
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