Small Step, Big Leap
Place :Kovaipudur, Coimbatore.
Devi is a 32 year old woman entrepreneur, living in a remote village called Kovaipudur in Coimbatore. She and her husband are fruit vendors in the nearby market. They have two children and the family had been having a low standard of living without any progress for a long period of time.
A couple of years back, the family expenses began to increase and they faced frequent financial difficulties. At that point of time Devi realized she should seek progress as time goes by or it will be difficult to keep up with this era of rising prices every day. Devi wished if her business could fetch more income to the family. She knew that, investing more money to her micro business will increase the income. Though she was ready to work hard, there were no savings with her to make an investment.
In fact, Devi has been doing the business for many years, but due to lack of financial management skills and borrowing money from local lenders at high interest kept her burdened without savings. At that time, she learned about Muthoot Microfinance from women entrepreneurs in the neighbourhood and was excited to know about how the institution serves its clients. A relationship officer from the company approached her and analysed her business plans, he also explained her the extended services Muthoot provides apart from just lending money. The RO also advised her that a proper money management will help her save money for future.
Devi was convinced of the institution’s goodwill and responses from other clients of the institution. She soon applied for a microfin loan and the institution sanctioned it in a quick time. Though Devi knew exactly what to do with the money, the institution advised her to invest the money in step by step and taught her basic money management skills through financial literacy trainings.
After one year, Devi finished off the first cycle loan and availed the second loan, she made good progress in her business and earns at least Rs 500 a day now; earlier her revenue was below Rs. 200. The investment made her business steady and she never ran out of goods. The newly learned money managing skills equipped her to save money and pay off debts. Devi is speeding on a highway of success now and has no plans to pause.