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Microfinance: Interest to Action Part 4 of 5
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Microfinance: Interest to Action Part 4 of 5

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  • 1. 2014 ROTARY INTERNATIONAL CONVENTION FINANCING A ROTARY MICROFINANCE PROJECT GORDON CRANN IMMEDIATE PAST PRESIDENT OF THE ROTARIAN ACTION GROUP FOR MICROFINANCE AND COMMUNITY DEVELOPMENT AND 2009-14 DISTRICT 7070 INTERNATIONAL SERVICE CO-CHAIR
  • 2. Step One: A potential Host (local) Rotary Club sees need for a microfinance program to serve low income people in their community. HOST CLUB IDENTIFIES NEED
  • 3. Step Two: Locate a Rotary Club in another country to partner with the Host (local) club or District in co-sponsoring a Global Grant project. FIND INTERNATIONAL ROTARY CLUB PARTNER
  • 4. Step Three: Locate a local Microfinance Institution (MFI) who is capable and willing to manage the Rotary project on a day-to-day basis. FIND LOCAL MICROFINANCE INSTITUTION (MFI)
  • 5. Step Four: Obtain certification from each Rotary District for all participating Rotary Clubs to qualify for managing funds provided by The Rotary Foundation. ALL PARTICIPATING CLUBS OBTAIN DISTRICT CERTIFICATION
  • 6. Step Five: Form a committee of three Rotarian members from each sponsoring club or District to organize and supervise the microcredit project. EACH SPONSORING CLUB FORMS SUPERVISORY COMMITTEE
  • 7. Step Six: Reach an agreement with the MFI and the sponsor Rotary Clubs about the goals of the project, its design, and the role of each partner. REACH AGREEMENT ON GOALS, DESIGN & ROLES
  • 8. Step Seven: Prepare a Memorandum of Understanding (MOU) with the MFI that is selected to operate the program. This is a standard form provided by The Rotary Foundation. PREPARE MEMORANDUM OF UNDERSTANDING WITH MFI
  • 9. Step Eight: Fill out the Global Grant Application Supplement for Microcredit Projects. This Rotary form describes specifically how the micro loan portion of the project will be operated. The MFI should provide most of the information required for this form. GLOBAL GRANT APPLICATION SUPPLEMENT FOR MICROCREDIT PROJECTS
  • 10. Step Nine: You will need to review how The Rotary Foundation’s matching financing works for Global Grant projects by reviewing the information at: www.rotary.org/take- action/apply-grants. The minimum size project is $30,000, using 100% DDF financing for the local share. Your grant request from The Rotary Foundation must be for at least $15,000. FIGURE OUT HOW TO USE MATCHING GRANTS TO FINANCE YOUR PROJECT
  • 11. Step Ten: Complete the application for The Rotary Foundation Global Grant on-line, through Member Access on the Rotary website at www.rotary.org. The International sponsor club for the project may be able to take the lead in filling out this form. The final financing for the project will be shown at the end of the Global Grant application form. COMPLETE THE GLOBAL GRANT APPLICATION ONLINE
  • 12. Step Eleven: Establish a separate bank account to hold the grant funds until they are needed by the operating organization (MFI). ESTABLISH SEPARATE BANK ACCOUNT
  • 13. Step Twelve: Sponsoring Host and International Clubs need to raise the funding needed to match The Rotary Foundation’s approved Global Grant and District DDF. RAISE FUNDS NEEDED FOR YOUR PROJECT
  • 14. Step Thirteen: Work closely with the MFI in carrying out the project and monitoring the results. WORK WITH MFI TO CARRY OUT AND MONITOR PROJECT RESULTS
  • 15. Step Fourteen: It is highly desirable for members of the International Club to visit the Host Country Club and MFI to establish personal relationships with those involved. INTERNATIONAL CLUB MEMBERS SHOULD VISIT HOST CLUB, MFI & PROJECT
  • 16. Step Fifteen: Host and International Sponsor Clubs, with MFI’s assistance, complete final report on the project and submit to The Rotary Foundation. COMPLETE & SUBMIT FINAL REPORT TO THE ROTARY FOUNDATION