Finance and Micro Finance

micro-finance

Microfinance is the process of granting small loans to poor people, primarily women, who have no collateral and lacking access to banking and related services, for setting up microenterprises.

The areas covered under this scheme are for starting small grocery, buying domestic animals, manufacturing sweets, selling soft drinks, grinding spices, sewing, candle making, making wigs and extensions, repairing watches, tea or petty shops, vegetable stands, bicycle repair, carpentry and welding shop, etc.

The method of repayment of loans leaving small savings with them, generates funds that can be reinvested. People find microfinance and its implementation through the collaborative way, highly successful and self-sustaining. Many of the women become the community leaders and subsequently undertake projects that benefit all the group members.

ADMCL helps recruit and train responsible, appropriate borrowers, each of whom establishes small enterprises, forms groups that are accountable for each other’s loans, distribute loans, collection of repayment and overall guidance.

Through microfinance the financial needs of individuals, households, and enterprises change significantly over time, especially for those who live in poverty.

The aim of microfinance is to provide individuals with money to invest in themselves or their enterprises to help them self-sustainable and independent.

Through the support to micro-entrepreneurs and small businesses ADMCL promotes economic development and creating employment to the underprivileged.