Women play a pivotal role in the economy and are behind millions of small businesses across the country. With little beginnings and small savings tucked inside spice tins and pillowcases, they strive to provide the best they can for their families. Their world revolves around making their families more secure and future ready. They are willing to do their best for a better life. A small push in the form of modest loans can set the ball rolling in their battle.
Kautilya belongs to a community that inherits the knowledge of Chanderi saree weaving. She was unable to convert this into a business opportunity owing to lack of capital to buy inputs and this forced Kautilya to work as a daily wage labourer earning a meagre Rs 250 per day to keep her going.
She was not okay to take a loan from local money lenders since she was sure that she will not be able to afford the interest rates charged by them.
Today, with the assistance of microcredit, Kautilya received a loan at regulated interest rates to buy raw materials. She established herself as a businesswoman now, earning about Rs 10000 to Rs 18000 per month making beautiful handwoven Chanderi sarees.
Numerous stories like these have been an inspiration and encouraged other zealous and enterprising women.
These are stories of not just three women, but a representative of more than 3.2 crore customers served by the NBFC-Microfinance institutions, who have either started or expanded small businesses, are carving out identities of their own. What made it possible for all these women is that little help that came from microfinance institutions (MFIs) which triggered their success odyssey in the form of seed money, working capital, loans for expansion, etc.