Signet Enterprises and MEDIC Partner to Launch International Micro Loan Program
Initial Plans for Small Business Development in Benin West Africa
Akron, OH (PRWEB) March 9, 2011
Signet Enterprises and MEDIC announced a new partnership this week in which they will introduce a new enterprise development program, initially planned in So-Ava, a rural town of Benin on Africa’s west coast. The approach will involve two tiers of enterprise development loans for fledgling entrepreneurs in developing nations. The average loans range from $50-$300. Proven accounts have shown the values of community, entrepreneurship, and trust are regularly instilled as each micro business launches to start or expand their business, working together and regularly meeting with their micro business counterparts.
The 1st Tier Loan Funds involve training and equipping micro business entrepreneurs with capital, skills, ethics training, and equipment, effectively leading to sustain
able incomes and management of their finances. Signet-Medic are utilizing the Opportunity International Trust Bank Model in So-Ava Benin. The 2nd Tier Loan Fund involves identifying successful micro entrepreneurs who have a sound business plan, with the passion, character, and capacity to expand their vision to the next level. They will hire employees, and agree to conduct their business and employee relationship practices in ways that conform to Trust Bank principles of honesty, integrity, education, and giving back to their communities.
Signet Enterprises and MEDIC will serve as the their link to higher level alternative financing with loans averaging $10,000 – $25,000 that will also be managed by MEDIC Affiliate staff members. Second tier financing may also be leveraged with other conventional financing as larger projects create more jobs and opportunities.
Medic’s President, Larry Lallo, described So-Ava and the importance of the partnership. “So-
Ava is a place where most of the people literally live in houses on stilts in the water. We are excited about our first joint venture to help micro business persons help themselves through investment of compassionate business leaders here in America.”
The new venture continues Signet Enterprises’ trend of seeking international development opportunities to build communities across the world. This partnership also speaks to the longstanding mission of MEDIC to Build Sustainable Communities, Give Hope for the Future through the provision of Economic, Evangelic, Educational, and Medical Opportunities to the poor.
“This new partnership is a dynamic step in bringing our entrepreneurial spirit and vision to developing nations. MEDIC’s mission clearly aligns with that of Signet Enterprises and we are thrilled to be partnered with this reputable organization,” Tony Manna stated in his announcement of the partnership.
MEDIC views assistance to entrepreneurs in developing nations as an empowering agent, an enabling element creating sustainable opportunities for the poor who have been kept outside of the conventional credit mainstream. Equity investment and credit can be a means to break the vicious cycle of poverty and it serves as a catalyst in the overall economic development process of a Community and a Nation. For a sponsorship of $50-$300 a micro business entrepreneur can get started.
For all media inquiries regarding Signet Enterprises or any of its affiliates, please contact Liz Esten at (904) 350-1314 x 1404 or via email lesten(at)signet-enterprises(dot)com.
About Signet Enterprises
Signet Enterprises is a diversified international holding company with business interests in real estate development, manufacturing, investment banking, public relations and public affairs consulting in North America, Europe and China, specifically in the areas of healthcare, higher education and institutional development. The company unites an entrepreneurial vision with longstanding expertise while exploring new avenues of transactional and development opportunities. With a broad portfolio of operating companies, Signet Enterprises provides investment in areas such as capital expenditures, product development, training, marketing and strategic acquisitions. They take a long-term, buy-and-hold approach to their operating companies and real estate development projects, which produce sustainable growth.
The Signet Enterprises family of companies includes Signet Development, a company whose principals and member companies bring expertise in all areas of real estate development including public-private partnerships (PPP), financial structuring, construction management, and asset management. Signet Industries, also in the Signet family, consists of over twenty manufacturing and service companies located in the Unites States and international markets.
Signet’s affiliated companies are offered access to a worldwide network of relationships. The management team possesses experience in both growth and turnaround situations that offer the insights and abilities to successfully manage companies under virtually all circumstances.
About MEDIC International
MEDIC is a 501 (c) 3 qualified non-profit corporation. MEDIC stands for Mercy Economic Development International Corporation and was co-founded by Danny Nallathamby, David Daniels, and Jonathon Lallo.
The vision was birthed during a home group meeting in the summer of 2001 culminating ten-years of prayer by its lifetime member, Daniel Nallathamby. MEDIC was initially formed to raise support in order to establish an evangelistic Community Development outreach in India. The vision has rapidly expanded to include a holistic sustainable economic development strategy in Benin West Africa, Canada, India, Ghana West Africa, Sri Lanka, and the United States.
This endeavor will require prayer, human capital, and finances in order to be accomplished. We invite you to prayerfully consider how you might join us in this mission. If you are interested in praying, contributing, or working with MEDIC please contact us at 330-871-4256.
Larry Lallo, President, MEDIC
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