CRS Savings and Internal Lending Communities (SILC) meet each week to save money and provide group members with micro-loans against the pooled capital. Individual savings and records are kept in a locked box for privacy and security. Photo by CRS staff.

The CRS website just published a release about an $8 million grant that will enable Catholic Relief Services and local partners to set up microfinance operations for families in Kenya, Tanzania and Uganda. Microfinance programs offer access to small loans and help increase savings. According to the release, “The three-year project will help form more than 14,000 savings and lending groups comprised of almost 300,000 members, with the ultimate aim of improving participants’ incomes and quality of life.”

Find out more about microfinancing.