VADODARA: A spurt of entrepreneurs mushrooming from urban slums in the city might be witnessed with a non-profit making micro finance institution
(MFI) planning to give access to credit facilities to those excluded from mainstream banking sectors.
A Mumbai-based MFI, Swadhaar (Swadhaar FinServe Microfinance Limited) which will kick off its operations in the city from Tuesday will extend help to the urban poor and help them to become self reliant with the help of micro-finance. It's for the first time that Swadhaar will be setting base in Gujarat and even outside Mumbai.
"This is an effort to reach out to those who do not have access to credit. Our MFI will provide small loans to urban slum dwellers striving to build better and brighter futures by starting individual ventures," said a company official of ACCION International, a USA and India based microfinance specialist, which is one of the social investors in Swadhaar.
"Swadhaar plans to introduce additional loan facilities such as micro insurance. Our first centre is coming up at Fatehgunj. We also plan to open outlets in three more areas apart from Dakor and Umreth soon," the official added.
An urban-focused MFI, Swadhaar is registered as a Non Banking Financial Company in Mumbai and it offers group loans Swahit' and individual loans Swayog'. Both these facilities are designed to suit urban poor. It will also provide services such as door-to-door collections, minimal paperwork, flexibility in loan structure and disbursement of loans within five working days of receiving completed applications.