GLOBE, a student-managed academic program at St. John’s University, the Peter J. Tobin College of Business, provides loans to entrepreneurs in the developing world. Through GLOBE, students are educated about the world of microfinance while helping the impoverished help themselves and their families out of poverty. Students say: “We are committed to building a global community that is going to contribute to the goal of eradicating poverty within our lifetime."
Micro credit from Micro Finance Foundation in Aden enabled Fatima to have her own shops to practise her handicrafts and generate an income for her and her family.
Fatima Hassan, a maker of handicrafts from Lahj governorate, did not expect that a small loan from the Aden Foundation for Micro-finance would change her life for the better.
Hassan is the breadwinner for her seven family members. She does not have any qualifications other than a high school certificate and some experience in making handicrafts. She worked making handicrafts with simple tools and that’s why she had never significantly improved her skills.
Looking back, she said, “I faced many financial hardships and my financial situation was very difficult. Such circumstances helped stop my skills from improving.”
The financial hardships she went through did not stop her ambitions to expand and develop her profession. She decided to take a small loan of YR 25,000 (USD 120) to expand her modest project.
With that sum of money, Hassan bought some tools and opened a small center for producing handicrafts in her modest house. Initially, the handicrafts she produced were sold to neighbors and adjacent shops.