Guddi Ojha and four entrepreneurs, Bhojpur
Loan requested $1000.68
Loan issued $1000.68
Funds raised $550.38
Funds released $0.00
Sector Services
Repayment term in months 18.0

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About Guddi Ojha and four entrepreneurs, Bhojpur

Guddi Ojha runs a small hostel (dormitory) with her husband. As her customers are growing day to day she could not provide service to them properly hence she has applied for micro loan to expand her business and hire a person to provide proper service to her customers. She has three members in her family including one daughter. She wants to give her daughter higher education. Her monthly income is Rs 4000/-(USD88). She is the group leader who organizes monthly meetings and ensures all repayments are made on time. Poonam Devi (Photo 2) owns a dairy farm. She has many customers to whom she is unable to supply milk. To solve this problem and to meet the demands of her customers, she wants to purchase more cows. She has applied for a micro-loan for her dairy farm. She has five family members including three sons. Her monthly income is Rs3000/-(USD66). With her present income she is unable to save anything for the future, hence she wants to earn more by expanding her business. Poonam Kumari standing in the middle in the group photo runs a fast food stall with her husband. She wants to expand her business as the customers are growing day to day hence applied for a micro loan. She has five members in her family including one son and two daughters. Her monthly income is Rs 3000/-(USD66). She wants to earn more to get her daughter married. Usha Devi standing in the second from the right runs a small school for children in her locality. As the students are growing day by day she could not provide sufficient equipments to them hence applied for a micro loan to buy chairs and benches for the students. She has five members in her family including one daughter and two sons and her monthly income is Rs3000/-(USD66). Lilam Devi standing first from the right sells bangles door to door. She wants to expand her business and hence applied for micro loan. She has six members in her family including two daughters and two sons and her monthly income is Rs 5000/- (USD111). These entrepreneurs are very dedicated and want to do good for themselves and their families. They understand the concept of a Joint Liability Group. In case any member is unable to repay the micro loan, they will pay on behalf of the member whose loan is delinquent. The entrepreneurs in the group support each other through the joint liability concept.

Partner MFI
Name: Ajiwika Society Ownership: Non-profit
Year Founded: 2006 Credit Risk Rating: Beta Plus
Partner Since: 2009 Rating Agency: M-Cril
Interest Rate: 24.0 % Delinquency Rate: 2.67 %
Target Clients: Poor, Ultra poor Default Rate: 0.0 %
Repayment overview

Total Funded Amount = $550.38
Total Loan Amount = $1000.68

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: May 17, 2010

Usha Devi who runs a school was featured in <a href= "">Hindustan Times</a>, one of India's leading dailies. Usha Devi, a resident of a small village in Jharkhand, doesn’t know what Supriya Nadig looks like. What she also doesn’t know is that Nadig helped her fulfill her dream of buying benches for her one-room school in Chas, Bokaro. Nadig (38), a software engineer from Bangalore, came across Usha Devi’s story on a website called United Prosperity( in January. The website, started by US-resident Bhalchander Vishwanath, partnered with a Micro Finance Institute that works with rural people in Jharkhand called Ajiwika and HDFC bank in May 2009. The website features the stories of all the persons who have approached the MFI for a loan. Internet users can then raise a guarantee for the people listed by lending a small amount of money. Once a guarantee of 55 per cent of the loan amount is raised, the bank releases the loan to the MFI, which then promptly delivers the money to the rural entrepreneur. Financing a dream When Devi started the school with her husband in 1995, there were only 10 students. Today, the number has grown to 50. But the fees, not more than Rs 50 a month, barely cover the basics — books, which are re-used year after year, and a meagre salary to the five teachers Devi has employed. They have never had enough money to buy benches. “We hate to see them sit on the floor. We want them to sit on proper seats,” said Satendra Narayan Sharma (47), Devi’s husband. Last November, the couple approached a Ajiwika for a loan of Rs 8,000 to buy 25 benches — each can seat four children easily. Two months later, the money was in their hands thanks to Nadig and a few other netizens, who stood as online guarantors. Moved by their dream, Nadig pledged $21 (Rs 1,000) towards the couple. “By helping her, I’m helping more than one family, I’m helping the whole locality,” said Nadig. The money is returned through the website itself. Borrowers repay their loan over 18 months, so every month lenders like Nadig receive a bit of their money back. In the past six months, Nadig has raised a guarantee of Rs 19,000 for over 68 entrepreneurs listed on the website. “This website lets me see what my money has helped achieve through an online progress report. I can even keep a track of the borrowers’ repayments,” she said. Vishwanath of United Prosperity believes the Internet connects the borrowers with a whole bunch of net-savvy lenders who are experienced in online fund transfers and are, at the same time, socially conscious. “An online social investor is a powerful change maker, because she makes systemic change possible in a sustained manner,” he said.

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  Date: May 17, 2010

Guddi Ojha and all her group members are very thankful to all their guarantors for their help. This micro loan helped them a lot to expand their business. Their monthly income also increased. Some of them also save a bit of their income for the future. Due to the increase in their income their standard of living has also increased. According to them : we thanks to the guarantors who helped us and they also says that though these peoples stays far from us to whom we haven't met but then also they helped us in our needs and we will always remember them. They liked the monthly repayment schedule of Ajiwika Micro Finance rather than weekly repayments like other MFIs.

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Funders to this entrepreneur

Dr. J - magician
Sverre Skimmeland
The Imran Family
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Canada & Israel
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alana harrison
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shivani & niranjan
Supriya & Bala
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Leonard is a U.S. 501(c)3 non-profit organization