Dermalogica founder Jane Wurwand, seen here with Kiva. org President Premal Shah, aims to provide women financial independence through global microlending.
pendence of women to allow them to shape a better future for themselves and their families.
The global initiative, launched in January this year in the U. S. and 56 countries worldwide, will extend microloans to 25,000 women worldwide.
“ This initiative is designed to help marginalized women in the belief that women’ s financial independence is a key step in creating a healthy world economy,” says Dermalogica founder Jane Wurwand who knew first-hand the struggles of first-time women entrepreneurs after being denied herself of a $ 10,000 loan to start Dermalogica in 1986.
Since then, empowering women through financial independence has become her company’ s core philanthropic mission.
“ The skin care industry is our model because it allows women of modest means to create stability for themselves since the start-up costs are comparatively low,” says Wurwand.
Now, in partnership with non-profit microfinance leader Kiva. org, the
According to the United Nations Food and Agriculture Organization( FAO), when women have direct control over income, they tend to spend it on the family, particularly on the“ nutritional security” of more vulnerable family members. The empowerment of women is key to raising child nutrition levels, improving distribution and production of food, and enhancing the living conditions of rural, poor, and vulnerable populations.
company extends the concept outside its own industry by committing to donate $ 1 toward the microloan for every consumer who purchase Dermalogica’ s five special FITE-themed products and enter the FITE code online.
The program is specifically designed to include consumer engagement in order to“ ignite a multiplier effect of change,” allowing these“ microlenders” to not simply just hand out a dollar but instead be part of their recipient’ s success. By logging onto joinFITE. org, consumers are given the opportunity to choose the world-region, industry type and entrepreneur they wish to give donation to while tracking the success of their recipient’ s business and capacity to repay the loan.
“ We know the collective impact of consumer action, and socially responsible business practices can create sustainable and far-reaching change,” says FITE strategic partner and Hollywood actress Geena Davis.
A concept of Nobel Peace Prize winner and Bangladesh economist Muhammad Yunus, the microcredit program for entrepreneurs too poor to qualify for traditional financing has already raised $ 160 millionworth of loan to about 400,000 entrepreneurs worldwide, majority of whom are women.
“ About 82 percent of our borrowers are women. Their success stories are inspiring, and the need continues to be substantial,” says Kiva. org President Premal Shah, adding that women are more likely to take the proceeds from their businesses and invest them in nutrition, clothing, housing and education, turning them in the process, real catalysts of change in today’ s global economy. ■
40 PULSE ■ March / April 2011