The HOPE Fund is our micro-finance initiative for those who suffer from hunger and extreme poverty. This fund provides a small loan to help empower those in extreme poverty to start a new business. We work with local churches and appointed boards to identify applicants to receive the loans and manage the repayment.
The vicious cycle of hunger and poverty can be broken with just a small loan offered to help start a new business. Whether it’s five pigs, twenty chickens, a gas motor, fishing nets, or a sewing machine, billions on our planet cannot access loans for small business start up costs. The cost for an average loan from the ServLife HOPE Fund ranges in amounts from $100 to $1,000 depending on the nature of the business start-up.
Here’s how it works:
- Loans vary based on individual needs
- The potential borrower must go through an approval process with a locally appointed board
- Loans must be for a revenue-generating project
- All loans must be paid back in full in order for a future loan to be given to the recipient (unless other arrangements have been made)
- ServLife staff will meet with borrowers regularly to assist with business development and planning, as well as to do evaluation and assessment.
- Repaid loan funds will return to the fund to create a revolving loan program to help other people in the community
We always work to create relationships with the local church and community so that those who receive the loans know that the local church, no matter how small, is concerned for the community. We believe this opens doors and builds trust for sharing faith and relationship.