S A Aiyar Sunday July 26, 2009 In his Budget speech, the FM hailed bank nationalization as visionary and revolutionary. Yet, nationalized banks have, by and large, not reached the poor. However, micro-finance is now reaching people whom nationalized banks could not.

Households getting micro-credit now outnumber poor households. Outstanding micro-finance loans total 80 million. Some borrowers have multiple loans, so net beneficiaries may total 60 million households. This is more than the 55 million poor households, and more than a quarter of India’s 220 million households.

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We Let You Loan to the Working Poor

Kiva’s mission is to connect people through lending for the sake of alleviating poverty.

Kiva is the world’s first person-to-person micro-lending website, empowering individuals to lend directly to unique entrepreneurs around the globe.

The people you see on Kiva’s site are real individuals in need of funding – not marketing material. When you browse entrepreneurs’ profiles on the site, choose someone to lend to, and then make a loan, you are helping a real person make great strides towards economic independence and improve life for themselves, their family, and their community. Throughout the course of the loan (usually 6-12 months), you can receive email journal updates and track repayments. Then, when you get your loan money back, you can relend to someone else in need.

Kiva partners with existing expert microfinance institutions. In doing so, we gain access to outstanding entrepreneurs from impoverished communities world-wide. Our partners are experts in choosing qualified entrepreneurs. That said, they are usually short on funds. Through Kiva, our partners upload their entrepreneur profiles directly to the site so you can lend to them. When you do, not only do you get a unique experience connecting to a specific entrepreneur on the other side of the planet, but our microfinance partners can do more of what they do, more efficiently.

Entrepreneurs and Lenders can both benefit from KIVA – Click Here

The Zoroastrian Co-op. Bank Ltd. (ZCBL) has announced a Special MicroFinance Scheme for Entrepreneurs in India. Under this scheme, a special MicroFinance Fund of Rs.5 crores has been set up, out of which they will be financing Entrepreneurs, to help them set up a new business / service / profession or enhance their existing ventures. The lending will be in the form of a Term Loan upto a maximum amount of Rs.10 lakhs per borrower, for setting up business/for equipments, machinery, furniture etc. Margin will be fixed on case to case basis depending on the financial status of the applicant.

Repayments will be spread over a maximum period of 60 months by way of fixed EMI’s. The rate of interest will vary on a case to case basis. The principal assets financed by the bank will be taken as prime security. Collateral security / guarantor may be waived in special cases. The proposals under this Scheme may be directly sent to Mr. Tehmasp K Bharucha, Senior Vice President, ZCBL, Email : tbharucha@zcbl.in Tel. Nos.  09422004707 / 66661010.

Young Zoroastrians are requested to avail of this generous and unique scheme themselves, and also pass it on to their Zoroastrian friends / relatives, who are desirous of starting / growing their businesses.

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