Ever since I heard about the story of how Dr. Yunus started micro finance in early days, I had wondered why we cant do the same to help people around us.
In order start such a thing formally we may have to go through quite a bit of red tape but that doesnt mean we cant start such a thing informally.
So here is an offer to any rung who needs small help in starting some venture.
- Me and a few friends are ready to finance poor families for starting out economic activities.
- Loan size would be limited to Rs. 5000 in the begining.
- We are yet to work out the repayment terms and mechanisms
- After person pays out the first loan, his next loan can be increased to Rs. 10000, depending on his performance.
- Cost of collection in small micro finance activities is big portion of operations hence we are going to need society to help us in collecting the loan back or beneficiary to come and deposit the repayments himself/herself.