COMMUNITY ECONOMIC DEVELOPMENT
Help bring families out of poverty through literacy training and self-managed savings programs.
Community economic development is the foundation for real change from within a community.
Meaningful community economic development can help achieve the following:
- Revitalize communities
- Develop affordable housing
- Promote sustainability
- Boost income and allow for investing
- Encourage entrepreneurship
World Renew’s approach to community economic development celebrates independence within a community as we help communities create long-term solutions to their unique needs.
Village Savings and Loan Association
A simple, yet significant system for families around the world
The Village Savings and Loan Association (VSLA), is a model that exists to provide communities with better and easier access to financial service when banks and financial institutions are not available. Through the VSLA local families in a community form a group; they learn to manage their group, pool their money in a joint savings account, approve small business loans at reasonable interest rates, hold each other accountable, and build hope for a better future.
VSLAs involve community members getting together in groups to make weekly savings deposits. They manage the fund themselves, making decisions about the amount and terms of each loan and together the community can find long-term economic stability.
A community-run VSLA offers members the opportunity to save money, and access small low-interest loans that can allow them to grow businesses and improve their livelihoods.
Since it requires little resources to start a VSLA – small start-up funds and a saving box – VSLA programs can be set up easily and have proven to be effective in communities around the world, for example in Uganda and Haiti.
Literacy and Skills Training
A primary tool to help shape a better future
Having basic literacy skills can give individuals tremendous advantages and opportunities for growth in developing countries. This is because having better literacy skills gives people better access to higher paying jobs.
This ultimately helps lift families out of poverty, thus improving the development of the community as a whole.
Our training programs aim to do the following:
- Combat illiteracy within communities, but especially amongst marginalised people
- Empower individuals by teaching them skills such as basic arithmetic, signing their names, reading prescription drug labels, and helping their children with homework
- Promote social networking and relationship building through our local village savings and loan association programs, and more
Literacy undoubtedly creates positive impacts beyond just the local community. In a nation with a long history of unrest such as Haiti, literacy projects have been a powerful tool to help Haitians build their skills and increase their opportunities for fruitful and fulfilling livelihoods.
“Therefore, as we have opportunity, let us do good to all people, especially to those who belong to the family of believers.”
– Galatians 6:10
The Impact of Economic Development
Here are some other benefits improved economic development can bring:
Boost Income
Literacy and higher income go hand in hand. When communities can focus on their own development, they can open more doors of opportunities. This can potentially boost their income which can lift many families out of poverty.
Lower Unemployment
With more and better opportunities for growth comes a better standard of living for individuals and their families. Good economic development within a community leads to investments, higher output and positive economic growth.
Protect the Environment
With a better understanding of community issues, more money can be spent on protecting the environment, there can be more resources to promote recycling and renewable resources, which in turn will help keep communities healthier and happier in the long-run.
Stories of opportunities
Reigniting hope & enacting change from within communities
Water is Life
For nearly a decade, we have been working alongside communities in Kenya to help train families on how to creatively use their land to maximize production.
With World Renew’s sustainable farming training and economic empowerment, families can now grow enough crops and raise livestock to generate income so they can provide permanent housing, nutritious food, and pay school fees for their children.
Make an impact today
Community economic development is a crucial key to creating a better and brighter future for communities in the long-run. You can support programs that work to help renew hope and transform communities in ways that count. Your gift of:
- $25 provides essential start-up materials for one new VSL group member, such as basic record-keeping materials and initial business training.
- $50 sponsors financial literacy training for two VSL group members, teaching essential skills in savings management, basic accounting, and loan repayment.
- $100 provides a small business starter kit for an entrepreneur, which includes initial supplies, business training, and ongoing mentorship through local partners.
- $500 funds an agricultural enhancement package for farmers, which includes sustainable farming training and initial agricultural supplies.
