Global Microloan Program
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 poorest of the poor help themselves and their families out of poverty. Students, in describing their mission as part of GLOBE, say:
“We are committed to building a global community (starting here at St. John's) that contributes to the goal of eradicating poverty within our lifetime.”
STUDENTS manage all aspects of the program including vetting loan applications, marketing the program, tracking funds flows, fundraising, providing technology to the field, and measuring program success. Student management permits a low-cost administrative structure with very little overhead costs. This allows us to ensure that at least 95 cents of every donated dollar goes directly to our borrowers and related student fieldwork.
COMMUNITIES include the developing nations where loans are destined, the University community in which the program is lodged, and civil society with whom we share common interests and values in creating positive and transformative change in the world.
ENTREPRENEURS, many of them women, engage in micro-enterprises, the profits from which allow them to support their families and educate their children. Loan fees attached to the loan payback serve future borrower needs as well as local community needs such as books, clean water, and medical supplies. These loan fees, at 3%- 5% on a declining balance method, compare very favorably with other microfinance programs charging interest of anywhere between 18% and 35%, and sometimes more.
PARTNERS, the Daughters of Charity, act as field partners and identify worthy loan candidates, make recommendations, disseminate funds and collect loan repayments in an ongoing effort to reduce poverty and distress in the communities in which they work.
“GLOBE - students changing the world, one loan at a time!”
GLOBE aims to provide loans to struggling entrepreneurs and currently operates in six countries: Democratic Republic of the Congo, Kenya, Nicaragua, Nigeria, Vietnam and the Philippines. GLOBE also has connections with Daughters in six other countries: Bolivia, Ghana, Mozambique, Madagascar, Peru, and Thailand.
For more information on the program or supporting GLOBE projects, please email [email protected].