“I needed a small loan of Rs. 10,000, but it was very difficult for me to get such small loans.” – This is a very common problem for small-scale entrepreneurs like Ms. Sankari Biswas, who is doing a business of Ladies Garments.
They need loan for business enhancement but find it very difficult to get that support financial institutions; additionally if they take loans from private money lenders then they charge very high rate of interest.
Turnstone Global started an intervention to address this problem. Women groups were formed and, each group member becomes guarantor for other members of the group.
The group received loan from Turnstone Global on a very low rate of interest and, then the group distributed the loan amount equal to each member. The group leader collects the weekly repayments and, submits it to Turnstone Global.
This method not only solved the financial problems of women entrepreneurs it also created bond among them, which is going to be with them forever.
Right now 500 women are benefited under this project.