Charity of the week: Fonkoze

Fonkoze (fonkoze.org) is the largest microfinance organization in Haiti, serving more than 56,000 female borrowers at 46 branch offices around the country. Founded in 1994, Fonkoze, which is an acronym for “Shoulder-to-Shoulder Foundation” in Haitian Creole, offers a variety of microcredit services designed to provide a “Staircase Out of Poverty.” The organization’s core solidarity program funds groups of five women who take out a microfinance loan together; other programs reach out to help the ultrapoor build micro-enterprises. The organization also offers preferential currency exchanges, savings accounts, and relatively large loans for business development, as well as literacy, life-skills, and business training for women.

Each charity we feature has earned a four-star overall rating from Charity Navigator, which ranks not-for-profit organizations on the strength of their finances, their control of administrative and fund-raising expenses, and the transparency of their operations. Four stars is the group’s highest ranking.

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