The main idea of the Microcredit Scheme is to empower women by making them financially self-reliant. In line with the theme ‘Charity with Responsibility’, small-scale women entrepreneurs are encouraged and helped to become economically independent by being extended repayable interest-free loans. Women, who are not eligible for bank loans or who would have to pay such usurious rates of interest that their business cannot succeed, can avail this.
NGOs, Vocational Training Groups and Ladies Clubs identify women who can benefit from this. Initially, the women applying for the loan are interviewed, their credibility assessed and the viability of their enterprise determined. Thereafter, there is periodic interaction with the women to motivate them and to encourage them to repay their loans regularly.
The Inner Wheel Club of Bombay has been running this scheme for the last 12 years under the benevolent and able leadership of PDC Lata Palekar. She has helped innumerable women start tiffin services and other home-based businesses and her observation is that women feel responsible about repaying the loan especially when they are made to realise that their repayments will finance the next batch of needy women. Lata has several success stories to narrate. One she relates with great enthusiasm and even pride is of a lady whose loan enabled her to start supplying just one tiffin box a day and who is now employing several others to run a take-away outlet.
The success of the Microcredit scheme has spurred the District Chairman 2014-15 to make it one of her key focus areas for the District.
PDC Lata Palekar is heading the team and guiding other Clubs to replicate the model.
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