Another new loan provider has joined the MYC4 platform: BELITA in Tanzania.
BELITA was established in 2006 by Mrs Helena Lutege who had a vision of creating better lives for Tanzanians through the provision of small business credit. In fact, the name BELITA is short for exactly that, Better Life for Tanzanians.
Helena started out in her backyard and used her personal savings to provide loans, learning the trade the hard way. Over the years, she has managed to grow the institution from one employee to 26, and its customer base has gone from 10 to around 4,000.
BELITA has a strong social mission and focuses on “small entrepreneurs, particularly the disadvantaged group/individual who, because of their low capital, absence of collateral or legal standing, cannot access loans from conventional financial institutions”. In addition, BELITA specialises in servicing clients in the rural areas outside Dar es Salaam. Read more about BELITA on the new Provider Profile.
BELITA’s first loan is already open for bidding: Ones Nursery and Primary School. It is run by 32-year old Obed Zabron Rusumo who sold his house to start the school. He is applying for a loan of 4,000 euro to expand the school by increasing the number of class rooms.
MYC4 considers BELITA to be a breakthrough institution with the basic fundamentals for growth. The MYC4 platform will primarily be used to service BELITA’s long-term clients who are graduating from the solidarity groups and are in need of bigger loan amounts than what the institution is currently able to fund with its own means. This is a good fit with MYC4’s strategy and a controlled way of assisting BELITA to grow to its full potential.