Mallika Ratnayake
Loan requested $438.60
Loan issued $438.60
Funds raised $219.30
Sector Others
Repayment term in months 24.0

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About Mallika Ratnayake

Mallika is a BMI client from year 2010. She had obtained a first loan of LKR 25,000 for a small tea shop she is doing in the village. She sells retail items, short-eats such as pastries, buns, etc, soft drinks and hot beverages in her shop. The first loan was used to buy the selling items and ingredients for short-eats. Now, she is taking her second loan of LKR 50,000 from BMI and hopes to use the loan money to expand the business premises and purchase more selling items to the shop. Mallika is a widow and her only daughter is married and lives separately. At present she is living alone in her temporary house in Kalakuruttuwa village in Anuradhapura district. She has been engaged in the retail business for about ten years, and her approximate monthly income is around LKR 15,000. Mallika hopes to develop a stable business that would secure her a stable income for living without being a burden to anyone. She also likes to help her daughter with some raised money and save some for herself also to use when she has to retire from the business.

Partner MFI
Name: Berendina Microfinance Institute Ownership: Non profit
Year Founded: 2007 Partner Since: 2012
Interest Rate: 25.0 % Target Clients: Economically active and inactive poor
Repayment overview

Total Funded Amount = $219.3
Total Loan Amount = $438.6

Repayment Overview chart

Note: This chart indicates the repayment by entrepreneurs on the principal amount. The actual repayment amounts include the interest on the loan and will be different.
Progress Report
  Date: Jan 07, 2014

Mallika’s tea boutique is very popular in Ipalogama and Mallika makes one of the best cups of tea in the village. Mallika joined BMI in a time she was facing many financial difficulties due to the rising cost of living. She took one loan in 2011 and her second loan of LKR 50,000 in 2012. The loan was utilized to further improve the infrastructure of her boutique. Mallika has a large clientele who regularly her tea boutique and she enjoys an increased income. She hopes to continue with this business and serve the best tea in Ipalogama. She is very much thankful to BMI, for providing a loan with reasonable interest rates feasible for them to bear and for the EDS services provided. She believes that this timely investment was the key for her increased income. She hopes to continue with the business and develop it more to earn a better income that will in turn make the business sustainable in the future.

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Funders to this entrepreneur

Sverre Skimmeland
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Fresnosteel is a U.S. 501(c)3 non-profit organization