Fonkoze Update

Thanks so much to all the BRAC staff, supporters and colleagues who are doing everything they can to support Haiti at this moment of crisis. We applaud the solidarity and collaborative spirit that has everyone working together, coordinating and ensuring the best use of people's contributions. Here's an update from the team at Fonkoze that you can use as you raise awareness and funds:

Fast Facts

• Fonkoze is Haiti’s largest MFI, with 40 branches and two satellite throughout the country.
• The Fonkoze Central Office is located in Port-au-Prince. It is currently uninhabitable and will need to be rebuilt. An estimated six other branches—including two in the direct Port-au-Prince area—have been affected though their condition has not been confirmed.
• Employees working in the Central Office at the time of the earthquake were evacuated successfully. There has been confirmation of the safety of some employee’s families, and confirmations that employees have lost their homes. There are many Fonkoze families who have not yet been confirmed safe.
• Fonkoze founders Anne Hastings and Father Joseph Philippe are confirmed survivors, along with many other senior staff members.
• Fonkoze is no stranger to disaster. Following the tropical storms and hurricane that hit Haiti in August-September 2008, roughly one-quarter of Fonkoze’s clients were affected- losing their homes, businesses, and assets.
• Fonkoze worked quickly to raise over $4 million to recapitalize clients’ loans, offer interest-free loans, and establish a disaster fund for the future.
• Fonkoze’s strength is their network of over 200,000 clients spanning the country. Unlike many institutions, Fonkoze is de-centralized. Though Port-au-Prince and the surrounding areas have sustained serious damage, the majority of Fonkoze branches, staff, and clients throughout the country remain.

Fonkoze USA, the U.S. arm of Fonkoze, Haiti’s largest micro-lender, has established an Earthquake Relief and Rehabilitation Fund to support its relief and rehabilitation efforts. Supporters can donate to the fund at http://www.fonkoze.org.

The fund has already raised over $200,000

Given the damage to the Fonkoze Central Office and the likely damage to several other offices, Fonkoze will require a great deal of financial support in the coming weeks, months, and years.

Money raised through the “Earthquake Relief and Rehabilitation Fund” will be used to open an emergency operations center to re-establish operations in Haiti that currently directly supports some 200,000 clients or approximately 1,000,000 family members. The Fund will also support the acquisition of equipment and facilities to replace what was destroyed.At the same time, funds will be needed to help our staff members return to work and serve our borrowers. A major portion of resources mobilized through the Fund will be used to provide new loans for women who have lost their businesses and need to re-establish them and to be able to repay their original loans. House building and repair loans are also likely to be provided to clients who lost their homes.

To contact: Fonkoze USA, 50 F Street, NW, Suite 810, Washington, DC 20001

(202) 628-9033http://www.fonkoze.org

--Susan Davis