Microcredit Marvels: Empowering Women

Summary

The objective of this program is to empower 50 women start or expand small businesses of their own by providing micro-credit.

Challenge

In a patriarchal society, women are not considered on par with men and they do not have a chance to take decisions in their families. Many studies show that bringing people out of poverty cannot be done through charitable efforts alone. It requires empowering disenfranchised groups to become self-reliant. Lack of resources and education may lead women, in particular, face a range of societal ills that puts them at a distinct disadvantage. For example, alcoholism, low literacy rates, limited employment opportunities, predatory lending and the resulting "debt trap" restrict women from having an expendable income, let alone start small businesses of their own.

Solution

To overcome this issue, Prime Trust initiates this project by providing small grants or loans (free or low interest) to women pursuing small businesses of their own. The awarding of loans and grants will be based on established small businesses or clearly outlined new ideas. Prime Trust already has a fair trade store in Puducherry that sells products that are made by women from our self-help groups. These women have voiced their need for additional funding to expand their businesses.

Long-Term Impact

With the long term implementation of this project, women become self-reliant and self-sustaining. It gives them the financial independence that they rightfully deserve. Additionally, there are added opportunities for employment opened. They are also able to meet other small business owners through our Akshaya store meetings. This ability to form networks with other women gives them access to support systems and safety nets that they otherwise would not have within their own families.

Resources

http://www.primetrust.org
Prime Trust Webpage
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