The Catalyst Trust Banks
In 2005, Catalyst raised funds for two Opportunity International Trust Banks in the Philippines. $20 000 dollars was raised through the ‘Alchemy’ cocktail party, a sponsorship by Universal Events and a donation by the Macquarie Bank Foundation.
A Trust Bank is a group of entrepreneurs who each receive micro-loans and mentoring from Opportunity International, and then support each other to fulfill on their business plans. Their businesses include the likes of vegetables, rice, fish and charcoal vending, shoe repairs and sari-sari stores. They were people living on less than US$2 per day.
Micro-loans have proven to be one of the most effective means of alleviating poverty. By providing capital and mentoring, they allow people to use their entrepreneurial ability to help themselves, their families and then their communities. The repayment rate on the loans is about 98% and the recirculation of the money means that one $10K Trust Bank is typically worth about $45 000 after 5 years!
Opportunity International Australia is a charity and is part of the Opportunity International global network that has helped millions of people out of poverty in developing nations such as the Philippians, Indonesia and India. It was co-founded by David Bussau AO, a very popular past speaker at Catalyst.
Find out more about Opportunity International and/or support their remarkable work at: www.opportunity.org.au
The Catalyst - Universal Events Trust Bank
The Catalyst Trust Bank 02.