Microfinance (MF)

Microfinance program of Chanura reached about sixteen thousand families in the last fiscal year. As a potent weapon in uprooting poverty, microfinance has been assisting the poor effectively to improve their living status and livelihoods significantly. And its necessity to the poor as well as the rural livelihoods remains indisputable. The people living under the poverty line and the poor with lower income are still out of any institutional or formal credit services. Chanura microfinance program provides a range of financial services to the poor broadening the scope of financial inclusion of those that are not served by the conventional banking system. All Chanura clients are women who use this loan for better management of their households, finance and to engage in various income generating activities. Chanura offers collateral free credit to the door step of the poor, marginal farmers and small entrepreneurs. Chanura relentlessly pursues to make the microfinance program more poor-friendly, efficient and suitable so that the service recipients could reap the maximum benefit out of the loan. The organization concentrates at improving service quality rather than increasing number of clients in a hurry. It focuses on helping the borrowers in utilizing the loan properly so that they are able to increase income empowering them to come out of poverty trap. Flexible and innovative approach of Chanura’s microfinance program has made the service attractive to the poor. The loan aspirants can access this product complying with the least formalities and without condition of tough group guarantee. During this reporting period, Chanura disbursed an amount of more than rupees seven crore among its sixteen thousand clients in response to the growing demand of the borrowers for bigger loans to implement expanding their business.