Jay Bajarangi Group
In the year 2009 Gunjalata, along with three other members from her village formed a Joint Liability Group to access loans from Mahashakti foundation for developing their business. Prior to this, Gunjalata has already accessed four loans from Mahashakti Foundation and each time she has been able to add some extra items to her shop. This is the fifth loan for her and from one part of this loan she wants to purchase stock of potatoes, rice, oil, soap, shampoo, biscuits, tea, sugar, etc. in bulk from the nearest wholesale market to avoid the regular transportation cost and loss due to price variation. From the other part she will purchase some materials like thread, buttons, etc. and fabric for her husband’s tailoring center.
Gunjalata believes she will earn more income from this investment which will help her to manage her family expenses smoothly. She hopes to construct a good house and arrange the marriage ceremony of her daughter in a decent manner.
The other three members of the groups are Bimala and Basnati with cloth vending businesses and Basumati with a general grocery shop and cloth vending business.
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!