B.Mirror Desk: The Bashundhara Foundation has distributed interest-free and service charge-free microloans to poor women in Bancharampur, Brahmanbaria, with the aim of making them self-reliant by involving them in income-generating activities.
A total of 8 million taka of loans were given to 426 women at the 84th microloan distribution program organized at the Jagannathpur Modern Auditorium in the upazila on Monday afternoon. The chief guest at the program was Upazila Executive Officer Md. Al Emran Khan and Bashundhara Group Advisor Moynal Hossain Chowdhury handed over the loan amount to the beneficiaries.
Bashundhara Foundation has been operating interest-free and service charge-free microloans in Bancharampur since 2005. The foundation’s program has also expanded to Bancharampur, neighboring Nabinagar and Homna Upazilas of Comilla. It was informed at the program that about 31,000 poor women from 101 villages in three upazilas have come under this loan program in the last 21 years.
Some of the women who received loans said that they are using the loan money for various income-generating activities including raising poultry, cattle and goats, and farming. This has not only increased their family income but also built their own financial capacity.
Kulsum of Durgarampur village said that she has taken a loan from Bashundhara Foundation three times before to raise poultry and goats. She has made a profit each time. However, the money was spent on her daughter’s marriage and her son’s education. This time, she wants to take a loan for the fourth time and invest it in income-generating activities.
Parveen Akhter of Asadnagar village said that she has been taking interest-free loans from the foundation for several years. She started taking loans with 5,000 taka. This time, she has received 20,000 taka. She is financially supporting her family by farming and raising poultry.
Momena Akhter of Paratoli village has taken loans five times, including this time. According to her, she has been able to increase her family’s income by raising cattle and goats with the loan money.
Halima of Asadnagar village said that she invested the loan money in her husband’s autorickshaw shop. She is gradually expanding the scope of the business from the shop’s profits. This has brought financial relief to their family.
Upazila Executive Officer Md. Al Emran Khan said at the event that high-interest loans often complicate the cycle of poverty for poor people. Many families face financial crisis while trying to cope with the pressure of loan repayment. In this situation, Bashundhara Foundation’s interest-free loan program is giving the poor an opportunity to become self-reliant.
He said that this loan system, along with a three-month grace period, gives beneficiaries the opportunity to invest in income-generating activities. As a result, they can start businesses or other economic activities without the pressure of immediate loan repayment.
Bashundhara Group Advisor Moynal Hossain Chowdhury said that Bashundhara Foundation has set an example of a humanitarian initiative by distributing microloans without interest and service charges. Through this program, which has been running for more than two decades, about 31,000 women from three upazilas have got the opportunity to become self-reliant.
He said that the loan money should be used for legitimate and profitable purposes. He urged the borrowers to establish themselves financially through small enterprises and stand by their families.
Local residents said that in addition to interest-free and service charge-free loans, Bashundhara Foundation’s various social initiatives are also impacting the lives of the poor people in the area. Many women have received training and sewing machines. Bashundhara Group also supports students in their studies. Many families have got the opportunity to turn around financially through these initiatives.
The program was hosted by Md. Chanmia Sarkar. Bashundhara Foundation DGM Maimun Kabir, Deputy Manager Mosharraf Hossain, Shuvo Sangh Director Zakaria Zaman and other concerned persons were also present.