Seizing the opportunity
Twenty six year old Priyanka Grover’s entrepreneurial journey is inspiring. Now, on her second loan cycle with Muthoot Microfin, Priyanka and her family no longer needs any external assistance for a decent living.
Five years ago, the housewife turned entrepreneur from Ganganagar in Rajasthan started a business selling groceries and vegetables. However, sales remained dull in the initial years. Without the capital to make additional investment and meet local demand, Priyanka was forced to continue her business with a paltry income.
Desperate to improve her situation, Priyanka was looking to raise some money even though local money lenders were charging exorbitant interest on borrowings. Luckily for her, she was introduced to Muthoot Microfin by a friend and Priyanka tried to learn more about the organization. After understanding the hassle-free process and procedures, Priyanka seized the opportunity not just to avail microfinance loans but also to acquire financial literacy and business skill trainings offered by the company.
She used her first cycle loan of ₹20,000 to diversify her product basket to meet local demand. Her customer base increased gradually, and she began to achieve substantial profit for the first time. Subsequently, her average daily profit hit around ₹500 and she began to re-invest a part of her profit into the business.
Now, on her second cycle loan of ₹40,000, Priyanka’s weekly profits have more than tripled. Currently, she can afford to send her two daughters to a better school in the town. Priyanka now dreams of opening a wholesale shop nearby to sell a range of products aparts from regular groceries and wants to include household items like pots and pans.
Priyanka says, “I never imagined getting a loan so quick with easy instalment facilities, that too without any collateral security; Muthoot Microfin came to my life at a crucial juncture and saved my business; the training classes also helped me to think with a business woman’s perspective.”