Medical Credit Fund supports health care in low-income areas
MCF has dramatically increased quality of clinics and health services
The Medical Credit Fund (MCF) supports private health-care enterprises in Africa through loans and works to reduce investment risks of health-care enterprises. Founded in 2009, the nonprofit health investment fund is the first and only of its kind. It has financed 1,200 clinics, disbursed more than $50 million in loan capital and provided technical assistance to more than 1,000 clinics. Because of this support, 2,000 medical professionals received quality training and provided high quality health services throughout sub-Saharan Africa.
Julie Harrison Pharmacy in Lagos, Nigeria, is owned and managed by Ada Okerie – one recipient of loans from Medical Credit Fund. She used her first loan to invest in pharmaceutical stock and her second loan to renovate her store. Getting these affordable loans made meeting growing client demands possible.
“We used to have between 95 and 120 walk-ins a day, but now we see about 170 clients,” she said. “Some days, it can be up to 200.”
Okerie is looking forward to applying for her next loan to finance a second location.
Cherangany Nursing Home was opened by Jacob Kisang Kilimo in Kitale, Kenya in 1994. The facility started with 23 beds and six staff members, but was able to expand with a loan from MCF.
The first loan was used to make renovations, purchase equipment and stock the pharmacy. The second was used to expand the maternity wing, establish an emergency care unit and improve financial management. These improvements brought in more clients and specialized doctors, which increased cash flow. Now, the clinic has 97 beds, and the 120 staff members can serve 2,000 outpatients per month.
Praxis Mutual Funds® supports organizations such as MCF through investments in Calvert Impact Capital, an impact-investing institution that helps people around the world through community development financing. It’s part of the Praxis commitment to place approximately 1 percent of each of its funds to benefit neighborhoods and individuals through community development investments.