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.
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. She had to face the harsh reality and could not manage to pay the EMIs for the third cycle loan of INR 45,000 she had taken to scale up her business. Her credit score started declining.
The Assam State Government in partnership with 39 MFI lenders announced the Assam Micro Finance Incentive & Relief Scheme 2021 for microfinance customers like Malaya. The Assam Government rewarded customers who were regular with repayment of their microfinance loans and enabled others who are in difficult circumstances to become regular and be a part of the mainstream. She was eligible for one-time incentive of INR 25,000 under AMFIRS which helped her repay EMIs.
She said, “I have built my business with the help of the collateral free loans from Arohan and I expanded it with the second cycle loan and got immense support from the loan officers at every stage.”
