Securing financing is also a major problem as, “access to credit from organized financial institutions is still a distant dream for many small and marginal farmers.” Furthermore, “the rural sector is burdened with high-interest credit provisioning by moneylenders.” We have seen firsthand the role high-interest rates play in stifling development as many beneficiaries have been charged upwards of 30% interest on loans from private financial institutions.
What is Economic Development?
This program aims at financial inclusion and fair practices to increase economic opportunities and to strengthen the livelihood base of the communities program.
How do we intend to achieve this?
We support enterprise development initiatives though training in various skills and access to finance.
We are particular about ethical practices in finance and are sensitive to not only the needs of the group members but also to their overall financial well-being. Therefore, we have well defined loan policies that record the purpose of a loan and ensure its timely repayment.