Sridevi is running a fancy store keeping ladies items, particularly bags and shoes, with the support of her husband in her locality. Sridevi, along with four other members of her village, formed a group and want to take a loan for the fifth time from Mahashakti Foundation for development of their existing businesses.
Before availing the loan, her sales were not sufficient to meet her daily requirements. She was earning about Rs. 9,000 per month from her business, which is not sufficient enough to maintain her family. Now she is very much confident in running her business. She has a desire to be a wholesaler of bags of different quality and designs. With the loan, she wants to purchase bags and shoes.
The other four members are named Laxmi, Rajlaxmi, Lachmi and Ijiya. They have businesses of a grocery shop, dry foods business, fancy store, and readymade garments shop.
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!