ATLANTA — The Cooperative Baptist Fellowship (CBF) has received an anonymous $1 million gift for funding “micro-finance” loans in poor countries and other CBF ministries.
Daniel Vestal, executive coordinator for CBF, announced the gift March 20, according to a CBF news release.
Half of the $1 million gift will be used for a new finance initiative coordinated through the CBF Foundation. Micro-finance banks lend small amounts of money to people in developing countries as start-up funds for small businesses. For example, an initial loan of as little as $50 to a woman in many parts of Latin America, Africa or Asia would enable her to open a business that, within a few months, could generate enough income to provide for her family’s basic needs, employ neighbors, repay the loan and qualify for another one.
The donor designated the other $500,000 of the gift for a number of CBF-supported ministries, including equipping CBF field personnel with computers, supporting missions opportunities for undergraduate students and care and wellness programs for missionaries.
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