March 24: Jim Jouttit, Microfinance in Honduras

This morning, our incoming DG, Jim Louttit, visited our club to talk about microfinance in Honduras, and specifically the Honduras Economic Community Development (HECD) project (http://bit.ly/1V59nv8).

Having worked extensively with ScotiaBank in Latin America, Jim became involved with microfinance after seeing the incredible - and positive - effect it was having in the local area. As the third poorest country in the western hemisphere (after Haiti and Nicaragua), over 60% of the Honduran population live below the poverty line (less than $1.20/day), with 16% of them living in extreme poverty (less than .50 cents/day).

Through microfinance, people who wouldn't normally qualify for 'typical' financing are able to borrow small amounts of money to start their business, make improvements, purchase inputs and/or livestock, etc. The terms and interest mirror those of a traditional bank, but with the added benefit of becoming financially literate. Approximately 99% of the loans are repaid in full, and Jim noted that 75% of microfinance borrowers are women.

Jim retired from banking and started JVL Global Corp for microfinance consulting, and has been involved with the HECD project for several years. Knowing that this initiative falls under the Rotary banner in all areas, and specifically community development, he encourages Rotary clubs throughout the district (and country) to consider microfinance as a project in whatever capacity.

QSR has been a long-time - and extremely proud - supporter of micro-finance through Kiva - it's a wonderfully easy way to give a hand up to those who need it most.

Many thanks to Jim for taking the time to come out and chat to us.