Grameen Shakti Microfinance Services Pvt Ltd is empowering the weavers and handicraft makers from Bihar and West Bengal through its innovative joint lending schemes. These sustainable loan products enable these artisans to expand their businesses by acquiring raw materials at a better cost and marketing their products far from their bastions.
For generations, weaving and handicrafts have been a way of life for many communities in Bihar and West Bengal. However, these artisans have struggled to scale their businesses due to limited access to capital and markets. Grammen Shakti Microfinance has been working towards addressing these challenges by offering tailor-made loan products that meet the unique needs of these artisans.
One of the most successful loan products offered by Grammen Shakti Microfinance is the joint lending scheme. Under this scheme, a group of artisans come together to apply for a loan. The loan is then disbursed to each member of the group, enabling them to acquire raw materials at a better cost and market their products far from their bastions.
The joint lending scheme has several advantages. Firstly, it enables artisans to pool their resources and access larger amounts of credit than they would be able to secure individually. Secondly, the loan is disbursed to each member of the group, making it easier for them to manage their finances and repay the loan. Thirdly, the joint lending scheme promotes collaboration and knowledge-sharing among artisans, which helps to improve their products’ quality and competitiveness.
Grammen Shakti Microfinance’s joint lending scheme has been a game-changer for many weavers and handicrafts makers in Bihar and West Bengal. For example, one group of weavers used the loan to acquire high-quality yarn at a lower cost. This enabled them to produce high-quality saris, which they then marketed to customers in other parts of India. As a result, their business grew, and they were able to increase their income.
Grammen Shakti’s innovative joint lending schemes are helping to transform the lives of weavers and handicraft makers in Bihar and West Bengal. By providing access to credit, raw materials, and markets, these schemes are enabling these artisans to expand their businesses and increase their income. Moreover, by promoting collaboration and knowledge-sharing, these schemes are helping to build a more sustainable and inclusive economy.