Sudeshna has been in the sweets-selling business with the help of her husband for the last 20 years. She makes six different types of locally popular sweets like Lavang Lata (fried dough dipped in sugar syrup with a clove on top), Gulab Jamun (fried round balls of dough dipped in sugar syrup), etc. Her husband runs a sweet stall in the local market where he sells these products. They also supply to three local bakeries and for any other functions in their village. Sudeshna cooks for 6 hours over an open fire every day making 30-40 kg of sweets with a daily expenditure of Rs.2,000/-.
She needs to replenish her stock of raw materials like dough, oil, sugar, and firewood every three days. She says these raw materials are subject to price change very frequently and that she has been a victim of the price change many times due to her frequent replenishment cycle. A portion of the loan amount will be utilized by her to buy raw materials in bulk and store them to shield herself from price fluctuation losses. This will also help her to save the repeated transportation costs and buying costs.
Sudeshna wants to see her sons as respectable engineers and government employees in society. So she and her husband are working very hard to save enough for the education of their children. She has plans to invest her increased revenues to build a separate kitchen room to make it easier for the preparation of her sweets.
Trupatimayi, Nirmala, Purnabasi, Sumati and Gauri are the other five members of the group who are involved in businesses like tailoring, leaf plate making, auto repair shop, etc. They are all very hard-working and enjoy the group interaction with a good understanding amongst them.
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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