GeoCapital Organizes Free Workshops

Daan Harmsen, instructor and financial manager of a new microfinance institution called GeoCapital, leads regular interactive workshops on the benefits of saving, financial planning and increasing people’s financial security in Kutaisi, Imereti region.

“We see widespread financial illiteracy in Georgia because of its recent history as part of the Soviet Union, and there is no tradition of financial planning,” said Harmsen explaining that it’s common for people to live from hand to mouth and not to set any money aside for a rainy day.

According to the World Bank’s Measuring Financial Inclusion report, only 2% of Georgian adults engage in any kind of saving, using either a formal account or a community-based method.

Providing free workshops “You and Your Money” in personal and business finance, GeoCapital aims to increase the financial literacy of individuals in the communities throughout Georgia. The sessions are open to everyone no matter whether they are students, taxi drivers, or shopkeepers.

More than 150 people participated in the first sessions in June and July. The local universities provided free facilities and supported promotion of the workshops.

Small business finance workshop series will help prospective small business owners to manage their company's finances. These workshops will address topics such as financial forecasting, keeping records, and talking to potential investors. Such educational initiatives will give people the tools they need to make better financial decisions.

Financial literacy and small business finance education is something that everyone in Georgia can benefit from, that’s why GeoCapital plans to expand this program beyond Kutaisi, to other parts of Georgia. Knowing how to deal with money is an essential skill in life, and having a financially literate population is a prerequisite for healthy economic growth.

GeoCapital is also planning to start additional educational programs, focused on marketable technical skills, leadership, project management, and health. “When you add even modest technology training to the mix, you give smart motivated people the opportunity to participate in the market and a way to build successful future for themselves and their families,” GeoCapital’s Chairman Ralph Burleson said.

As internationally-backed microfinance organization, GeoCapital has been the largest direct US investment in Kutaisi with American management. By offering competitive rates, excellent service and financial literacy education to the people of Georgia, GeoCapital is creating opportunities for small business development, job growth, and individuals entering the workplace, helping Georgia build a better tomorrow.