Bashundhara Foundation doles out Tk 11 lakh loan among 220 families

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Dhaka, April 15, 2010:
Bashundhara Foundation doles out Tk 11 lakh loan among 220 families

A wind of change is blowing in remote villages of Bancharampur as hapless, destitute women see a ray of hope to change their lot and become self-reliant with the help of interest, service charge-free loan

About 220 women, some carrying their minor child in their arm, gathered at the office of the Bashundhara Foundation at Durgarampur village under Bancharampur upazila in Bharmanbaria district on Thursday noon to receive the interest and collateral-free loan which they will utilize in cow fattening, goat rearing, running capital for grocery, sewing and all other purposes they feel suitable for making profit, which will ultimately contribute to make their life better.

In its 19th loan disbursement programme, the Bashundhara Foundation has distributed Tk 11 lakh among 220 families and each family received Tk 5,000 loan from Senior Executive Director (Accounts and Finance) of Bashundhara Group Mr Maynal Hossain Chowdhury at the foundation’s office premises. He formally handed over envelops of the said amount among each recipients.

In his welcome address to the loan recipients, Mr Maynal said the Foundation is now considering to raise the initial fund of Tk 2875000 to three crore for expanding the base of the interest-free rural micro-credit project amid tremendous response and contribute to the government’s poverty eradication programme. He also said that the foundation is amazed by the cent percent recovery rate.

Monwara Begum, wife of Lin Mia of Assadnagar village under Bancharampur, said the collateral and interest-free loan had been a great help for her hapless family. She first received the loan three years back and utilised it in goat rearing. With the profit of Tk 15000 she earned within a year, she had taken a lease of 15 decimal land and now farming in that land for multiplying the profit. Now her family is leading a very happy life and dreaming for a better future with economic emancipation and social empowerment.

Parul Begum, wife of Monir Hossain of Solimabad village, shared the same sort of feeling as her husband is utilizing the money in fruit business and had already earned Tk 10,000 within a year and reinvested half the amount in the same business and the rest in farming cash crops.
Reviewing the success stories of their neighbour, some women also came up to take the hassle-free loan from the foundation and make the beginning of their better future and a solvent life. Bashundhara Foundation is a non-profit social organization established in 2005, which has been distributing interest-free micro-credit loans among ultra and marginally poor people of Bancharampur upazila in Brahmanbaria.

Distressed women of Bancharampur upazile are availing the loan to make them economically self-reliant and ultimately empower them socially.

Bashundhara Foundation micro-credit project has a capital of Tk 28,75000, which is being disbursed as loan and realized in a cyclic order. About 2,627 poor families of 48 villages under nine unions out of Bancharampur’s 13 unions have been availing the interest-free loan opportunity for running their small ventures like dairy, poultry, cow fattening, goat rearing, sewing, grocery and other ventures.

The Foundation provides Tk5000 and Tk7,500 one time loans and recipients get a grace period of three months and the recipients start repaying the loan. They repay the loan at Tk 100 and 150 in 50 equal weekly installments depending on their total amount and the recovery rate is cent percent.

Bashundhara Foundation does not take any mortgage, savings or service charge from the loan recipients.
Bashundhara Group, country’s largest business conglomerate, is running the charitable organization as part of its corporate social responsibility programme and also to contribute to the economic emancipation of ultra poor and marginally poor people and help the government in its poverty eradication drive.

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