Higher education is becoming more a requirement for choosing one’s career and making a future. The costs of higher education are increasing constantly and the potential students who come from families with limited economic possibilities are in need of whichever financial support they can get.
Traditionally ICCI has been supportive of university undergraduate students since its inception as an Area Committee in the 1950s. Thousands of students have benefitted many of them going on to become very well-known professionals in the various fields of health, service and professional activities. Under the economic empowerment initiatives, the micro loans program continued its outreach in Nazareth and surrounding areas allowing students as well as small business owners to benefit from small micro loans to be used for developing their own business or cover their university tuition fees.
Through this program, students can get the micro loans up to four times during their education journey which make up approximately 30 percent of their total tuition fees. ICCI schedules repayment with a grace period of one year after graduation from the university. This allows the graduates to seek employment opportunities.
As for the small and microbusiness owners, women and men alike, they are provided a different scheme allowing them to properly prepare and plan what they would like to see developed in their business. In some instances, loans are used for rehabilitation to restart their business or even for developing new ideas for business owners to advance their business. Such microloan averages at 2,500 USD and is provided for one time as a small investment allowing them to purchase equipment and to expand their outreach. Following the completion of their business development idea and its implementation, ICCI works with them to repay the loan within the following 12 months period.