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Overview
We provide interest free loans to start micro-businesses in Orissa, India. Men and women in financial distress are mentored in starting their own business, then given the financial support making happen. The new business owners repay the loan, allowing us to loan again. We have helped start seventy micro-businesses to date with a 100% success rate.
Prospective borrowers for the program are recommended by the Waterboyz table in Puri and Konark by community leaders. Each candidate is interviewed identifying their interest in starting and running their own business, and to determine business acumen. Mentors work with the candidates developing a business plan tailored to their needs. Many choose to work in a trade they are familiar with, such as the fishing industry.
After selection, the borrower is given a loan of 10,000 Indian Rupees (~$200 USD). Each month the borrower repays 10% of their loan over ten months. Business mentorship continues during this time and extends after loan repayment, according to the borrowers needs. A successful business increases the earnings of the borrower by more than the payments providing an immediate financial boost. This model allows us to create a sustaining cycle of new businesses.
Impact
100% Business Success Rate
Over $14,000 invested
More than 70 Loan Recipients
Project Update
We are currently building a custom software package to manage the micro-business loan program electronically allowing loan managers more time to meet with borrowers. The software package will allow loan managers the freedom to work offline and then upload the status of each loan to a central database.
