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Padma Devi and 4 entrepreneurs, Alkusha Ajiwika Society, India $1184.83 of $1184.83 repaid. Anita Devi has re opened her shop and capitalized it. She is very much thankful to the guarantors for their help. She was pleased to she us when we went for collecting reports. She is doing well in her business and she also said that she will expand her business more and take a second loan from Ajiwika Society after completing the first cycle of loan as its repayment is based on monthly schedule and it is easier for her to pay. Posted by Sandip Choudhury on Jun 10, 2010 |
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Guddi Ojha and four entrepreneurs, Bhojpur Ajiwika Society, India $1000.68 of $1000.68 repaid. Usha Devi who runs a school was featured in Hindustan Times, 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(www.unitedprosperity.org) 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. Posted by Admin user on May 17, 2010 |
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Kajala Devi & five entrepreneurs, Bahadurpur Ajiwika Society, India $1182.62 of $1182.62 repaid. Last week I met Kajala Devi with our (GSA) Manoj sir. She was very pleased to see us. when we inquired about her growth of her business she said happily that now she is serving more customers than before and her monthly income is also increased. Katuna Bibi invested her loan amount in her bangle business. Her son is going to school. She also started to save something from her income. All the other members are doing well as they like the monthly repayment basis of Ajiwika. Posted by Sandip Choudhury on May 07, 2010 |
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Tarranum Khatun and 4 entrepreneurs, Rahimgan Ajiwika Society, India $909.71 of $909.71 repaid. Kausalya Devi and all her group members are very thankful to all their guarantors for their help. She has expanded her tea stall to a small hotel and also added more items in her hotel. Her monthly income has also increased to Rs3000/-(USD66) to Rs 3500/-(USD77). Shakila Khatun expanded her meat shop. She is now serving more customers than before. Her monthly income also increased. Her son is attending to school. All the other members are doing well. They liked the monthly repayment schedule of Ajiwika Micro Finance rather than weekly repayments like other MFIs. Posted by Sandip Choudhury on Apr 20, 2010 |
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Shiv Kumari Devi and four entrepreneurs, Dund Ajiwika Society, India $1364.57 of $1364.57 repaid. I went to collect the progress report of Bimla Devi and her group. When I met with Bimla Devi and her family they were very please to she us. She asked us for a seat and when I enquired her about her business she said that her business is running well now. She also added that she is now serving to more customers than before. Prabha Devi has expanded her vegetable business. She is also started saving some amount of her profit now. There monthly income has been raised. All the members are doing well. All the group members are happy to take this loan from Ajiwika as they have to make monthly repayments where as other MFIs operating in this area require weekly repayments which is quite difficult for them. Posted by Sandip Choudhury on Apr 20, 2010 |
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 UnitedProsperity.org is a U.S. 501(c)3 non-profit organization | |
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