It is important to us that Neos Technology is an an ethical business; we want this business to be an extension of how we live our personal life. We believe that all businesses, whatever their size, should give something back to the world around them. When we found out about microfinance through Lendwithcare, we felt like it was a great fit for us.
Who are Lendwithcare?
Lendwithcare is a microfinance charity operated by CARE International UK, a member of the CARE International Confederation. CARE is non-religious and non-political and has 70 years experience of fighting poverty and injustice in 87 countries around the world.
How does it work?
You can lend as little as £15 to help fund businesses in developing countries. 100% of your money goes to the person you lend it to. Here’s a video to show how it works.
Once an entrepreneur has an idea, they request microfinancing through a Microfinance Institution that is a Lendwithcare partner. Next, the Microfinance Institution will upload the entrepreneur’s profile so that lenders can then choose entrepreneurs that they wish to support.
Once the entrepreneur has received their loan, their profiles will be updated with business updates so that lenders can see how their money is helping. Instalments are worked out for the entrepreneur to pay back their loan to the Microfinance Institute. That money is transferred to CARE International and then back to the lender’s account.
What commitment is Neos Technology making to Lendwithcare?
Firstly, we have signed up as Lendwithcare Angels. This means that we are lending a set amount each and every month. Currently this is set at £15, but as our business grows, so will this amount. Currently we are focusing on lending money to female entrepreneurs to aid closing the gender gap.
Each time we start a new regular support contract with a new client, we will lend £50 through Lendwithcare. When that money is returned to us, we will donate £25 to Lendwithcare for their costs and loan the remaining £25 to another entrepreneur. That £25 will be loaned out each time it gets paid back to us.
If you’re interested in finding out more about Lendwithcare, or maybe even signing up as an Angel, visit their website.