Apunba Chanura Group
Premeshori is the profiled member pictured with her hand raised. She is 30 years old and is a mother to three daughters and two sons. Her husband is a hired carpenter by profession. The three older children go to a private school nearby. In order to supplement the family income before the loan, she earned an income by weaving Manipuri traditional clothes for others. She was paid for weaving only.
With her first loan in 2010, she continued her weaving activities by buying yarn with the loan. She managed to earn just enough profit to repay her loan liability. With competition in the market, she could not keep up with the challenges. With her second loan, the group members decided and agreed upon joint and common activities for profit motives. The group decided upon sand sieving (Quarrying) from the riverbed. They invested the loan of INR 80,000 to buy a permit for a portion of the riverbed to extract sand use for construction. The remaining INR 20,000 was shared equally among the members for their personal use. All the members work together at their owned site. The sale proceeds were shared equally by all the members. Sometimes the group was able to share the profit daily or on alternate days, depending on the business. From this share of profit, Premeshori bought two piglets to raise for her own. Furthermore, she invested INR 100 daily towards the group saving and another INR 500 on monthly savings managed by local investors. In this way, she means to do well for the family and supplement the family income.
Likewise, the rest of the group members too undertook different activities to supplement their income apart from the joint activity of sand sieving business. Small it may be, but with the profit, some members started poultry farming, raising ducks, running a paan corner, buying yarns for others to weave and so on.
Now the group needs another loan to continue with their sand sieving business. The loan will be use to buy another permit for a portion of the river bed to extract sand to sell.
More information about this loan
This loan is part of WSDS's effort to reach some of the most underserved parts of India's troubled northeast region, where there is very poor penetration of both formal and informal financial services. By supporting this loan, you are enabling access to finance for women living in some of India's most remote areas.
Important note about this loanDue to Indian government regulations, if you fund this loan, you will not be repaid for at least 3 years. This borrower will likely repay your loan much sooner than that, in which case, the Field Partner may re-loan your funds to help other local borrowers. We want you to be aware of this minimum 3-year waiting period and the associated risks before making a loan to Indian borrowers on Kiva. Learn More >
WSDS-Initiate is an inclusive nonprofit that works with women across all tribes and minority communities in Manipur, located in the remote northeast region of India. Most organizations concentrate their work in the plains region of Manipur, but WSDS is among the very few organizations serving women in the isolated hills. Political unrest and frequent economic blockades in the area make it very difficult to provide services, resulting in Manipur having the lowest penetration of financial services in the country.
This is a Group Loan
In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.
Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.
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This loan has been fully funded!