A For Purpose organization is a fusion of For Profit and Not-For Profit. It’s acts and competes in a for profit industry however both its operations and profits are utilized to expand its cause or purpose. Technical “For Purpose” is an original Votum term so you won’t find it in a Google search…yet.
What is Votum’s “Purpose?”
Our purpose is to improve the financial condition of every individual. We view this purpose internally (clients and staff), locally and globally. Our operations and profits are focused on expanding the impact of our mandate. Specifically we contribute 10% of revenues to Microloans to assist the economic development of under resourced economies.
What are Microfinance Loans?
Microloans are small loans designed to reach individuals that typical banking institutes are unable to reach because of high fees and overhead. The purpose of a microloan is to assist an entrepreneur in the development of their business typically resulting is high returns for the business and repayment of the loan. We partner with Kiva.org on our microloans. Click here for more information or how you can get involved as well.
Click Here to download the latest Microfinance Loan Newsletter
Votum “For Purpose” Stories
Francis in Ghana
Francis has started repaying the loan, and so far has paid back 13% of the original loan amount. The loan is having a positive impact on sales — since the loan was issued, Francis’s sales have increased 55% as compared to the same period last year. You may use the link below to view his wood masks and leather desk sets on the NOVICA website: