Pacosali to Provide 10,000 Loans to Lift Malawians
BLANTYRE, Malawi — The Pacosali Foundation has announced plans to provide loans to over 10,000 Malawians in savings and loan groups to help boost their small businesses and economic standing, writes Everister Lungu.
At a review meeting Wednesday in Kameza, the foundation's board chairperson Fexton Lifukwe said they recognized the financial constraints holding back many Malawians trying to operate small businesses to improve their livelihoods.
"We have identified groups already engaged in savings and loans, providing them with financial support ranging from K300,000 to K1,200,000 to bolster their individual shares and sustain their enterprises," Lifukwe said.
He explained the groups will then facilitate internal borrowing at their set interest rates while repaying Pacosali at a 5.8% monthly fixed rate.
"Our target is to impact 10,000 individuals nationwide," Lifukwe said.
The meeting allowed the organization to refine strategies and policies for effectively implementing the nationwide loan programs, Lifukwe said, adding collective ownership is key for sustainable growth.
Executive Director Jordan Maloya said addressing weaknesses and strengths will fortify Pacosali's future as it expands the empowerment program for vulnerable communities through small business loans.
"We have forged partnerships with Fedoma, COWLHA and others to broaden our reach," Maloya said.
"Currently operational in six districts, we are poised to expand to Lilongwe and the northern region."