Determination leads to empowerment
Ambika P, a 40-year-old housewife turned entrepreneur from Kottayam district in Kerala, is a perfect example of how hard work and determination bring life success.
Ambika was a helper at a nearby childcare facility and lost her job during the lockdown. Like many in her village, Ambika struggled a lot during that period and had to manage her little savings wisely with the hope that their life would soon change for better. When things returned to normal, she wanted to start her own business.
Ever since the Covid lockdown, she was determined to be financially independent. she talked to her family about her business plan and despite initial resistance, she kept on asserting her aspirations and persuaded them to let her follow her dreams.
She had good knowledge about glove manufacturing as she used to work for a unit in the past. Ambika only needed capital to get her dream set off. However, her inability to provide collateral security prevented her from availing a loan. Luckily for her, she was introduced to Muthoot Microfin by a friend and joined a JLG to avail her first cycle loan of ₹30,000, and never looked back since.
Ambika started the small glove making unit with the support of her husband. Initially, the unit was established near her home and later shifted to a better setting. She and her husband were the two workers operating the machines in the beginning. Eventually, the business flourished and developed a stable clientele.
Ambika now distributes Industrial gloves to more than 35 industries and domestic gloves to nearly 100 shops and supermarkets in Kottayam and Ernakulam districts. She employs 4 people at the unit and the unit runs every day except Sundays. She takes home a profit of at least ₹1000 a day from the unit. Muthoot Microfin further provided Ambika with financial literacy and business acumen trainings which helps her manage the business successfully, with proper budget and financials.