Investing in the next generation
Redefining Financial Inclusion in La Victoire
KOREMLL is a credit union created in April 2018 in La Victoire, a remote commune in the North department of Haiti. This initiative was the result of 30 community members’ participation in a CLE Leadership Certificate Program that focused on building crosssectoral collaborations for community economic development. In this program participants mapped community assets, and analyzed community economic inflows and outflows. They identified a broad need for local access to low-interest credit. Employing the financial management and budgeting tools from the course, they also identified community savings to collectively respond to this need.
The result was KOREMLL. Starting with 32 members and seed capital of 16,000 Gourdes, by July 2019, it had reached 113 members and financial assets of over one million Gourdes. Leveraging capital from members’ savings, KOREMLL launched a community store that sells commodities that were previously locally unavailable. According to members, the store reduced the risk and costs associated with traveling very long distances to obtain those basic goods. Community members who were interviewed affirmed that KOREMLL has changed their lives and businesses.