Hopping into business: Mr Mong’s new venture

Posted on July 31, 2017

Mr Mong and son with rabbitMr Mong, 26, is a farmer from Phu Tho province in northern Vietnam. Phu Tho is known for producing tea, but Mr Mong was struggling to grow and sell enough tea to cover his day-to-day expenses.

With two children under the age of 4, Mr Mong decided to look for a different livelihood to support his young family.

Mr Mong took out a small loan of AUD$1,000 from the Community Development Fund to buy three rabbits and cages to house them. Because rabbits breed quickly, Mr Mong soon turned a profit from selling their meat. He now supplies two restaurants in nearby Tan Phu, and has given 30 rabbits to friends so they can start their own businesses.

Phu Tho is home to hundreds of ethnic minority groups. These groups are particularly vulnerable to poverty because they often farm in remote regions with poor soil and little infrastructure. They also have limited access to education and finance.

All it took was a small loan and some training from the Community Development Fund for Mr Mong to build a better life. With his new business, Mr Mong can support his children, pay back his loan and reinvest in his business. He now has 50 rabbits and new metal enclosures, and has even been able to save for the future.

“I love raising rabbits and I enjoy my work,” said Mr Mong. “I want to expand my business and keep saving so I can send my children to school.”

A loan is better than a hand-out. By borrowing small sums of money, the Fund helps hard-working people like Mr Mong get the jump-start they need to lift themselves out of poverty. At the same time, borrowers learn financial literacy and savings skills so they can support themselves long-term.

Find out more about the Community Development Fund or give now to offer more loans to struggling families.