Spes Nova helps source funds for micro-loans
Spes Nova helps source funds for micro-loans. By providing an interactive website on the internet, Spes Nova allows potential loan sponsors to search through databases of credit-worthy entrepreneurs in impoverished countries. The sponsors may target individual loans by country, by region, by type of venture or simply by supporting individuals or situations that speak to them. Sponsors also have the options of making non-specific loans to individual MFIs (all of which will be used to support lending activities, but on a non-designated, portfolio basis) or to support a group of loans in a designated region. The sponsors are able to provide support in increments as small as $25 or as large as they wish, becoming part of a syndicated loan or supporting a loan outright. The underlying loans are typically 6-12 months in duration. Through Pay Pal, Spes Nova collects funds from its sponsors, provides funding of the designated loans through local MFIs and collects the repayments of the loans from local MFIs. Spes Nova maintains records for the sponsors that allow them to track the progress of the loan(s) they have made and the repayment process. As they receive repayments, sponsors choose whether to get their money back or make new loans. Sponsors also have the option of donating all or a portion of their commitments to help fund Spes Nova.