Photolease has launched the Photolease Foundation and agreed to give 5% of annual profits to microfinance charities. The company, based in Printing House Yard, at Perseverance Works has decided to fund initiatives that help the less fortunate find their way out of poverty. The hand-up not handout approach has the ultimate aim of creating a long-term and sustainable source of income, empowering those involved in the programme.
The company has identified Friendship Bridge, which helps impoverished women in Guatemala, as an ideal partner. Guatemala has long suffered civil war and latent political corruption, which have had a pernicious impact on the lives of its citizens; a staggering 76% of the country live below the poverty line.
Friendship Bridge provides seed capital and invaluable education to Guatemalan women to fund business initiatives. Successful projects have included jewellery and clothes businesses and a weaving company that transforms plastic bags into consumable goods. These companies have expanded thanks to the seed capital invested by Frienship Bridge and now employ other members of the community. The positive effects of these microfinance initiatives extend far-beyond the lives of the women who run each business.
The Guatemalan businesswomen backed by Friendship Bridge prove that creativity and viable business opportunities exist in the country, but support does not. Many cite the independence and purpose given to them by the businesses they create as the most important impact of the scheme. Needless to say, the emotional rewards of launching and running a successful business are priceless. When businesses prove successful, seed capital investments provide far higher and longer-term returns than the original value invested.
The seed capital scene in the UK is rather different, particularly in Shoreditch often identified as the most likely UK competitor to rival the entrepreneurial ecosystem of Silicon Valley. Perhaps microfinance projects represent the most empowering and sustainable means we may choose to support those less fortunate. Our neighbours at Photolease certainly think so.
More info: Photolease Foundation