Don't give them fish, teach them to fish instead; the philosophy behind Microfinance, a trusted tool to combat poverty. Where loans ranging from ₹ 10,000/- to ₹ 15,000/- are given to women entrepreneurs. Recipients are those with no references, collaterals or track record, caught up in the vicious circle of poverty, manipulated by unscrupulous middlemen and moneylenders.
Here, small loans make a big difference. With a little financial support and direction they are able to multiply their earnings in a short period of time, improving living standards, and provide education to children and a better life for the family. Funds are used to run small businesses like, tea shops, cycle repair outlets, embroidery and tailoring to name a few.
So far, Lions have disbursed 2,524 loans amounting to ₹ 2.68 crores over two years. The project has recorded 100% recovery rate. The change in lifestyle of grant recipients is heartening. They are able to provide concrete homes in place of mud houses, educate children and manage healthcare. A small increase in monthly earnings by ₹ 5000-7000 per family creates magic, bringing dignity and empowering women; impacting the lives of thousands of families across eastern India.