Frequently Asked Questions

1. What is the organization’s mission?
2. How will the mission be achieved?
3. Why only females?
4. Why microfinance?
5. How does SKImfi find suitable participants?
6. What kind of entrepreneurship is sought out?
7. Under what terms is capital provided?
8. Why levy any service rates on the principle?
9. Who make up the staff at SKImfi?
10. How can I contribute to the effort?
11. What does the name of the initiative signify?

1. What is the organization’s mission?

To empower the economically excluded through support for entrepreneurship.

2. How will the mission be achieved?

By providing capital to female entrepreneurs, we endeavor to help them build the foundations for strength and self-sufficiency. With access to microfinance, the potential and energy of our participants can be leveraged to ultimately lead the way towards the broader growth of their communities.

3. Why only females?

Low-income women in much of the developing world represent a socioeconomic paradox: they are the lowest-risk members of the workforce yet find themselves the most-excluded customers of local financial systems. For historical and/or cultural reasons, women are the single demographic largely unable to take control of their own destinies and empower themselves. Through our initiative we hope to level the playing field.

4. Why microfinance?

We believe access to funding and a means to help themselves is the key to unlocking the full potential of these women. They hold the knowledge and talent to create value, but due to obstacles outside their control are unable to channel their ability. Therefore we feel our capital infusions can bridge this gap and contribute to local economic development. For us, microfinance is a “hand up rather than a hand out,” and this is consistent with our philosophy to empower our participants.

5. How does SKImfi find suitable participants?

Before engaging in a specific area, we make certain that we have access to a robust network for sourcing and vetting prospective entrepreneurs. Through business reviews, interviews, and referrals, we are able to involve the most appropriate candidates in our program. The women then organize themselves into small groups, realizing another level of support through the concept of solidarity lending. We currently look for active businesswomen, as we do not yet have the capacity to train those without some kind of commercial experience.

6. What kind of entrepreneurship is sought out?

We have no preference or requirements regarding how the entrepreneurs utilize their capital; our confidence stems from their past success and expertise in their self-selected activities. We do not seek to teach business, but rather to reinforce and encourage practicing businesswomen to reach the next level. Due to the nature of microfinance our backing is limited to small enterprises such as trading, manufacturing, and other asset-light ventures.

7. Under what terms is capital provided?

We offer capital at competitive rates, balancing access to funds with the motivation for our participants to utilize that capital efficiently. Service rates are lower than those offered by most microfinance institutes, and far below available alternatives. As a not-for-profit organization, funds remaining after our local staff is compensated will be reinvested for further deployment.

8. Why levy any service rates on the principle?

This was an issue of intense debate during the formative stages of the project. We concluded that true empowerment begins with treating everyone on equivalent terms, particularly relating to the standard requirements of the global financial system. Though we offer service rates far below alternatives, we still ensure an expectation of accountability and forward progress.

9. Who make up the staff at SKImfi?

Our associates are all members of the community in which we operate, complementing our aim to be an organization with strong roots in the local area. Beyond our staff we are strengthened immeasurably by businesspeople, officials, and other compassionate citizens who believe in our mandate.

10. How can I contribute to the effort?

We are grateful for your interest in the fulfillment of our mission. As we have just recently commenced operations, we are presently not soliciting external support. We plan to involve our friends soon after a track record of SKImfi’s constructive engagement has been established; please stay connected for future developments.

11. What does the name of the initiative signify?

We wanted a name that would be easy to remember, simple to say, and allow for linguistic and geographic flexibility. When pronounced (skim-fai), it reminds us that our work is only skimming the surface of what entrepreneurs are capable of achieving for their world and ours.