Bank of Stuff

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The "Bank of Stuff" recycles unwanted stuff, turns this into money and lends it as micro-loans to entrepreneur women in rural areas to make an income from their talents and improve their communities.

Standings & Awards

190 out of 190 in Central & South America
779 out of 779 in Education
573 out of 573 in Pilot
1066 out of 1066 in Blended
4003 out of 4003 Overall

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VOTES

Hecha y Derecha

Recycling stuff provides micro-loans to women in rural areas to become change agents in their communities!

The “Bank of Stuff” is a project carried out by the foundation “Hecha y Derecha”which works with women in rural communities, empowering them through leadership and entrepreneurship classes to identify ways in which they can generate an income out of their talents while improving a need in their communities.

After working for a year with the pilot group women from San Miguel, Panama, I carried out the first yard sale with the hope to provide funding to the projects these women. The successful outcome of the first yard sale led to a second yard sale in which I received more donations and was able to fund the projects drafted by the group of women in San Miguel. Seeing the potential of this project to make Hecha y Derecha auto sustainable while benefiting donors, the community and funding the projects of the women inspired me to develop it at a another level and to replicate this in all the future communities we´ll work with.

Vision: An established Bank of Stuff granting thousands of micro-loans to community development projects of entrepreneur women in rural areas.

Mision: to establish a Bank of Stuff that receives consistent donations of “stuff” and re-sells them in “mobile yard sales” in remote rural communities to raise money to give out micro-loans to community development projects carried out by the women in these areas.

Objectives:

Present a different option for people to recycle their unwanted “stuff”.

Sell the donations at low prices in rural areas providing them with access to cheaper goods.

Create micro-loans from the money raised in the yard sales.

Fund the projects that the women drafted in the leadership and entrepreneurship classes.

Prioritize funding to projects that will improve a need in the communities and will leave a long lasting impact of at least 50 people in the area.

Improve rural areas in developing countries through the empowerment and education of its women to become development agents in their communities.

(Full proposal attached in supporting documents)

FIVE PROJECT QUESTIONS Required (60 - 90 minutes)

1. What is your innovation?

The Bank of Stuff operates from donations of stuff (clothes, electronics, house articles) that are sold for prices lower than $1 in "Mobile Treasure Markets" (yard sales) in the rural communities where Hecha y Derecha currently empowers groups of women. The Mobile Treasure Markets provides the people living in these areas with access to cheaper goods, while the money raised become micro-loans for the women to develop the projects drafted in the class and improve a need in their community.

2. Who gains the most?

The women entrepreneurs in the rural communities are the main beneficiaries because they are the ones receiving the leadership and entrepreneurship classes and the micro-loans. However, their families and communities benefit from the yard sales and these women's projects and personal development, extra income and acquired education.

3. Who pays?

"The Bank of Stuff" is designed to be financially sustainable. The "stuff" donated is received from individuals and stores, providing them with a unique option to recycle unwanted stuff and by this help to raise money to sponsor projects that will develop women and their communities. These material goods are turned to money that become micro-loans to women that are paid back with an interest rate of 14%. The repayment of the loans will make the organization self sustainable in 5 years.

4. What is your success?

To impact 800-2000 people the pilot year, 15,000-18,000 people in 5 years and 40,000-60,000 people in 10 years. To make the organization financially sustainable by 2017 and to have a repayment rate of minimum 95%

5. How will you do it?

The identified communities will have to fullfill the some requirements like have at least 500 people and 15-30 women entrepreneurs interested in the classes. 6 yard sales will take place every year in the communities raising around $2400 dollars that become the funding for 12 projects chosen based on their community impact/need and number of beneficiaries. After the pilot year, the number of communities will be double or quadruple therefore increasing the capital and impact.