Valiben - Bhalada
The borrower valiben is associated with our company since 6 years,this time she will be starting with her sixth cycle loan with our company.
She was very happy and want to be associated with our company for long,description of loan to her from first cycle till last.
Every time she utilized her loan amount very success fully, she first started a business of dairy by purchasing cow and sell the milk produced to Amul (At anand district),so that she can earn a good amount of money and her living.
For the first cycle loan of rs 12,000 she started and purchased one cow and was very happy that spandana provided her loan when no other MFI’s were there.Then after she wants to expand her business and applied for another cycle.she get approved and got,14,000 Loan amount.
With her savings and the loan amount she again purchased one more cow and now she has to cows and whatever she was earning are doubled and she is paying the loan on time as well as her standard of living is also good.
Then after 2 cycle she want loan of Rs 20,000 so that she can purchase more cow for her business this time she got a loan disbursement of Rs.16,000. And now this time she approached one more MFI Gram Shakti and got 15,000loan amount in first cycle, but she didn’t lose hope and want to be associated with spandana for long that is the reason she successfully repaid her loan and with the staring of fourth year she again applied and this time she got 24,000 loan amount.Beacuse she had a loan outstanding with one more MFI.
• She continuously expanding her cows business and earning a good income and a good inspiration to other borrwers too.
• By the end of this time she had 5 cows in her barn/shed.
In the fifth cycle she got approved 30,000 loan amount whose LD is done on 7/1/2016.by the end of this time period she successfully established a big cattle Barn,in which she has 20 cows at present and her monthly income generated is above 20,000 for disposing after minus all expenditure.
This time when loan utilization is checked she want a personal loan from our company so that she can open up a new cattle barn with more than 20 cows.
During a hot summer afternoon of 1997, when most of the women would prefer a siesta,The Founder and Managing Director – Spandana , Mrs. Padmaja Reddy, saw a rag-picker woman on the street buying household reject items on a push cart. Her dedication and entrepreneurship made Ms. Reddy curious. Speaking to her, our team realized that the lady was working very hard but not getting commensurate returns. Despite her dedication and efforts, she succeeded in providing only one meal to her family.
This was mainly because the lady was paying an exploitative daily rent for the cart that cumulatively far exceeded the cost of buying scores of such carts. The lack of access to affordable and serviceable capital was leaving little alternative options for her. While a bank would never provide credit to her for many reasons, the money-lender was far too unfair. That’s the time we decided to lend her money, enough to buy a cart. The money was given with a promise of timely and reasonable repayments.
The hard working woman started using her new self-owned push cart; she could save on the rent cost and repaid the money conveniently from her increased returns. Now this woman could afford better living for herself and her children. Thus the word of mouth did all the marketing for us. It seemed to strike the right chord with several low-income people, and soon there were many waiting to meet Spandana team at their doorstep. It is but seldom that an everyday experience is so profound and timely that it stirs in a person the courage to set things right.
This success story is from Khurda – Bhubaneswar; this success story proves that “its never too late to start”. At the age of 42 , Tilatama Mohanty started her own business of selling snacks and is successfully running it for the past 10 years. Like any other rural woman she was married at an early age and then on her life has never been the same. To earn a living and feed the family she was working in a tailoring shop, where even after the whole day of work it was difficult for her to provide for her family.
While she was still working in the tailoring shop, she casually learnt the art of making snacks at home along with one of her relative. While learning the art she never imagined that she could make it big and continue doing the same for the rest of her life. The money she was making by working at the tailoring shop was not enough to fulfill the needs of her family. She started her own business of making and selling snacks.
Initially she took a loan of Rs. 7000 from her friends and relatives to start the business. With her dedication and hard work along with the support of her family her business flourished. With time, she strengthened the foundation of the business and started making profits. With the increase in the number of orders, she has now employed 4 women her and pays them Rs 100 per day. They make around 800-900 packets per day and sell the packets to wholesalers. She earns almost 1000 a day and after paying off the labor charges, 600 is her profit.
She is associated with Spandana for over 3 years and have taken loan 3 times to support her business. The first cycle loan was of Rs. 12000, 2nd cycle was of 24000 and 3rd was of Rs. 32000 which she took recently.
At this point she is looking forward to a personal loan or a high ticket loan from us, which will help her expand the business by adding more products to her product line.
This Success story is from Banki in Orissa; Mamta Behare belonged to below the poverty line family. When Mamta heard about Spadana and was introduced to the team, her family was in debt of Rs 10,000/- with no source of income. The family was in a grave situation with no hope for the betterment of their life.
The Member Working in her Farm
To generate some source of income, she approached the Bank for a loan, but as expected it was an outright reject with a reason that she did not have anything to mortgage. After this rejection she heard about Spandana through some common source in her area.
She approached Spandana, and looking at her determination and zeal of earning. She was sanctioned a loan of Rs 10,000. That was all she needed to start something of her own, with the financial support from Spandana made she bought a cow and started the business of selling milk. Her family got in the business with her and they started earning profits but to grow that business they needed more investment. Spandana again helped her by giving her a loan of Rs 14000, with which she further owned two more cows.
Increase in Family’s earning allowed her to clear the debt of Rs 10,000. With the same profit she further invested in her business and purchased 2 Calves. With the new addition to her Business she started selling milk products like Cottage Cheese (Paneer) and Butter. Looking at her hard work and her business growth we again helped her with a loan of Rs 24000/-.
Wider View of Cattle Farm
With her new investment and hard work her dreams for growing the business came true. We helped her further with a sum of Rs 30000 and saw her dream growing and flourishing.
Present day she has a total of 18 Cows & 6 Calves in her dairy, which lead to a vast increase in family income. This improved her standard of living to a great extent. She has set an example in her society that how a woman in debt can take things in her own hands by becoming an Entrepreneur and through optimum utilisation of funds can reach new heights in financial success.
She believes, she succeeded only because of Spandana’s help at the right time. She says – “I have neither taken Loan from any other MFI, nor I am willing to but I will continue to do so from this company because of this i have become what I am today.(Spandana)”