The lady sitting second from right in the photo, raising her hand, is Binakumari, aged 44 who lives with her husband, two daughters of 12 and 9 years, one son of 6 years and her mother in-law. Her family belongs to a Below Poverty Line (BPL) category. People from the BPL category live on less than one dollar a day.
Binakumari has been running a general store in her house for the last eighteen years. She is also sells milk. Her husband supplements the income from her business. She sells general grocery items like sugar, lentils, biscuits, soap, shampoo, chocolate and stationery such as books, pens, etc. Binakumari was able to increase the variety of items at her general store with her scanty savings and increase her cash flow. Her monthly income from the existing business is Rs.4000/-. Out of this income she has been able to manage her household expenses. As per her statement, she was able to increase the variety of items in her shop but not the inventory.
Binakumari wants to increase the stock of her business. So the loan amount will be utilized to purchase items like sugar, tea dust, lentils, biscuits, soap, shampoo, chocolate etc. for her general store. This will help her to reduce her purchasing and transportation costs as she will replenish her stock less frequently from the nearest town, 15 kms away. Binakumari hopes to save enough to build a good house for her family as the present house is very small and congested. She also dreams of giving a better education to her children. The other three members of the group are Dahana, Basanti and Jashobanti who are running a bamboo basket-making and selling business, a general store and a milk business respectively.
Since the inception of Trishakti group, Binakumari has been heading the group with dedication and sincerity. Other members of the group are also very happy and satisfied under the dynamic leadership of Binakumari.
More information about this loan
Mahashakti Foundation focuses its work in some of the most underdeveloped districts in Odisha, characterized by poor infrastructure and high levels of poverty. By supporting this loan, you are enabling access to finance for women living in some of India's poorest and 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 >
About Mahashakti Foundation
Mahashakti Foundation is a public charitable trust that provides microfinance and development services in the low-income state of Odisha. Operating in the poorest region of India, the organization strives to serve rural communities, tribal groups and others living on less than USD$1 a day. In addition to microcredit, it also provides micro-savings and micro-insurance products, as well as business development, health, water and sanitation, and food security services.
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!