[tabi] Re: I have an idea for TCB, NFB, and the Lighthouse

  • From: "djrogers0628" <djrogers0628@xxxxxxxxxxx>
  • To: <tabi@xxxxxxxxxxxxx>
  • Date: Mon, 18 Jan 2010 10:17:14 -0500

Dear Chip,

You are the one misunderstanding; I already brought up the idea of micro loans being given in developing countries, but they do pay interest and some pay a small fee every month or so, to put more money into the fund.

You can have all the ideas you want, but there are steps that must be followed in order to keep the fund solvent; keep the books correctly in case of audit; someone or a committee to go over loan applications, and I am advocating simple interest not any of those compounded interest rates or variable rates.

I never said it can't be done, but neither organization can afford to put itself in a position where a fund is incorrectly begun and managed--in other words, you need a plan in writing stating who is eligible for the loans; amounts to be loaned; a reasonable interest rate; financial information showing the borrower can pay back the money.

So say someone needs $500 for a Color Identifier; the interest might be 3 percent which, according to rough calculation would be about $40; paid over 2 years the monthly payment might be something under $30; extended through another year, the payment would be even less.

I am no expert, for sure, but I have gotten the kinds of loans we are talking about here; just because someone is blind doesn't mean he/she should not pay interest on a loan. If you aren't charging for the loan, you are giving grants. Then, we will really need some deep pockets to keep the fun solvent and serve as many people as we can.

I am well aware of consumer needs for things to make life more livable and thus more independence, but if we're going to do this, it has to be done the right way.

I still want to know why these other funds failed.

Darla


Darla J. Rogers, B.A. M.S.

djrogers0628@xxxxxxxxxxx
Home phone #:  850-329-7437

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