Its been way too long since I posted on our blog because we have been super busy on the ground in the field implementing our amazing microfinance model.
Yes our model really is amazing. Why? Because we provide meaningful loans amounts ($100-$300). Our interest rates are amongst the lowest in the industry. If you look at Kiva, the average interest rate charged to poor entrepreneurs (by Kiva partners) is approximately 34% – and as high as 64%. Our interest is between 10% – 12%. And upon repayment all funds are recycled! Oh and we monitor social impact too.
We just opened an office in Ahmedabad. Our CEO who brings over 30 years of social work expertise is pleased to leave his home office.
We also obtained FCRA status which is a long and painstaking process. This status means we can now give funds directly to the beneficiaries instead of working with 3rd party NGOs who often fail in reporting, aren’t transparent and dont always follow through.
The most exciting bit is that we give the loans via a bank account that is opened for each beneficiary, thereby giving them ownership of their own assets. Loans are given to construct toilets and improve access to sanitation; and to create small businesses. The mission is the same: alleviate poverty and promote sustainable living through microfinance but the model is better. Stay tuned while we implement our new model and look out for social impact success stories! Oh and don’t be shy to donate:https://shantilife.org/donate/