Calling For Help to Establish a Microfinance Program in Madurai, India
Wed, 2009/03/04 - 03:32 —
Dear Neighbours,
Greetings from Nabuur Madurai Village facilitator Wenjin Yuan.
Now we are setting up a new project in Madurai village that would need urgent help.
As a registered development organization, People’s Association for Rural Development (PARD) is involved with various programmes to help people living in slums in Madurai. PARD initiated its efforts in the year 1992. It turned out that a lot of people in Madurai are living in extremely poor conditions and children have to drop out of school and start working early. Therefore, PARD decided to start its Microfinance program.
When PARD met with people living in slums in Madurai, during the discussions, people brought the sufferings that they faced with the private money lenders. With no hope to get small business loans from financial institutions, people living in slums who would like to start up small businesses had to turn to illegal lenders charging a hefty high monthly interest. Moreover, they are totally shut out from professional help on starting and running a small business. In order to let the lives of people living in slums to be self-sustainable,as well as to help parents in Madurai to earn enough income to send their children back to school, PARD decided to start its micro credit programme in Madurai in the year 2001.
Up till now, the rate of repayment of the loans is 99%. There is a very low default rate, lower than 1%. Micro-credit was provided to the community for carrying out the following activities:
1. Flower Vending
2. Tea Stall
3. Cloth Vending
4. Sugar Cane Juice
5. Grocery shop
6. Milk Vending
7. Trycycle
8. Vegetable Vending
9. Sewing Machine
10. Idly Shop
11. Bakery
12. Fancy Store
13. Bottle cap
14. Dry Fish
15. Petty Shop
16. Basket Making
17. Rice Grinding
18. Ironing
19. Goat rearing
20. Selling toys
Now we are seeking potential loan resources as well as seeking professional help on running small businesses in Madurai area.
Any idea on the above two topics will be warmly welcomed.
Please check:
http://www.nabuur.com/en/village/madurai/background
for more detailed information, and welcome to contact me at mimiwenjin@hotmail.com or leave your idea at the discussion section in the Madurai online village.
Thanks and looking forward to hearing from all of you.
Best regards
Wenjin Yuan
Dear Wenjin Yuan,
do You know www.kiva.org? Kiva lets people all over the world lend money to microfinance-organizations. Its internetbased and to become official fieldpartner PARD might be
*Serve at least 1,000 borrowers with microfinance services
*Have a history (at least 2-3 years) of lending to poor, excluded, and/or vulnerable people for the purpose of alleviating poverty or reducing vulnerability
*Be registered as a legal entity in their country of operation
*Have at least 1 year of financial audits
*they also prefer that microfinance institutions have a profile on the MIX Market:www.mixmarket.org.
Good luck!
Sven & Laurin
Dear Wenjin Juan,
Similar to Kiva, Rangde (www.rangde.org) is an indian portal that allows people to lend money to microfinance organisations. Perhaps could PARD could approach them. I am not sure of the criteria to be included on their site.
All the best.
Neeraj