Fast Track Loans
Dr. H saw that our reforms, taken cumulatively, would potentially limit those of our clients with big dreams and a relentless drive to succeed. We took this criticism to heart, and thought that the best way to help these “stellar” clients, without jeopardizing the new-found stability of the reformed Personal Loan program was to create a “fast track” by which they could advance up the ladder in an accelerated fashion. We propose that these “stellar” clients loans would mirror “traditional” loans until they reached 1000L, at which point they could apply for our Economic Activity Loans, which start at 2500L. The application would involve a business pitch, modeled on the BPC application, a review of the clients repayment history and a strong recommendation of BPC class attendance. By requiring clients to stay in the “traditional” track until 1000L, we still build a credit history with our clients, while also allowing them to get access to the much needed capital to improve their businesses.
See Economic Activity Loan for penalty information.
La Ceiba currently has no comparable program. Since we have no repetitions, our clients can get to high value loans very rapidly, an increased risk since they have less of a credit history. This program takes a similar amount of time but permits only those clients which have a reasonable repayment history to accelerate to the Economic Activity Loans.