HT Bureau
GUWAHATI, April 11: Microfinance has been playing a very important role in making underserved populations financially independent and self-sufficient. The remarkable support system of microfinance institutions and the self-regulatory organisation for the industry have helped the women entrepreneurs sail through the pandemic and overcome its impact on their business and other challenges. The Covid-19 pandemic severely impacted the business activities of especially the low-income group segment, resulting in a significant reduction in regular income and in some leading to business loss.
The story of Malaya Shil is no different. The owner of a dairy business, Malaya has been a borrower of Arohan’s Bongaigaon Branch of Assam for the last six years. She had started a dairy business to meet the financial need of her family by taking a microfinance loan from Arohan. Her business was running well till the pandemic hit the globe after which she could no longer manage to pay the EMIs for the third cycle of her loan.
Related Posts:
The timely intervention of the Assam state government helped many women like Malaya in becoming self-reliant again. Notably, the government in partnership with 39 MFI lenders, announced the Assam Micro Finance Incentive & Relief Scheme 2021 (AMFIRS’21) for microfinance customers like Malaya. Under this initiative, the Assam government rewarded customers who were regular with the repayment of their microfinance loans and enabled others who are in difficult circumstances to become regular and be a part of the mainstream.
Malaya was eligible for a one-time incentive of Rs 25,000 under AMFIRS (Assam Micro Finance Incentive and Relief Scheme), which helped her repay EMIs and save her business. A thankful Malaya, while expressing her gratitude, said, “I am grateful to Arohan. I have built my business with the help of the collateral-free loans from this company, and I expanded it with the second cycle loan and got immense support from the loan officers at every stage. Arohan stood beside me even when my business was challenged by the pandemic and helped me rebuild my business. I will never forget this support from Arohan in my life.”
