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Seeding micro enterprises Shaping macro dreams

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Seeding micro enterprises Shaping macro dreams 04 The biggest asset of the poor is his / her integrity (imaan). Combining their integrity with capital ( ), would become the key to their success Shri. Narendra
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Seeding micro enterprises Shaping macro dreams 04 The biggest asset of the poor is his / her integrity (imaan). Combining their integrity with capital ( ), would become the key to their success Shri. Narendra Modi (While inaugurating MUDRA and PMMY) 08 3tih-f ~ :tfca . ' ~ Foreword Micro enterprises are the most important sector of the Indian economy providing jobs to millions of people and taking care of income generation. It is estimated that there are more than 60 million micro units which support over 100 million people for their jobs and livelihoods. Recognising the importance of the sector and the unserved need of this sector, Govt. of India launched Pradhan Mantri Mudra Yojana (PMMY) to provide funding support to these units to help them in their growth and consequent employment creation for the millions of youth. The launch of PMMY is considered to be a big leap towards the avowed objective of financial inclusion of the unfunded. In a short span of three years since the launch of PMMY, the scheme has been able to provide access to affordable credit to more than 10 crore entrepreneurs from formal credit delivery channels for setting up new units or upscale their existing enterprises. It is a matter of great satisfaction that the banks, MFIs and NBFCs have together contributed to make it possible for PMMY to achieve the targets set by the Govt. of India. We appreciate the active contribution of the banks, MFIs and NBFCs to implement the scheme successfully ensuring that the benefits of the scheme reach the targeted micro enterprise sector. I am happy to present a collection of success stories of some of the MUDRA beneficiaries who have been able to change their lives with the help of PMMY. I am sure the stories presented here will inspire a lot of budding entrepreneurs to see that their dream will not remain unfulfilled due to lack of finance for them. Mohammad Mustafa Chairman 01 Funding the unfunded The NSSO Survey (2013) has observed that there are 5.77 crore small / micro units in the country, which employs around 12 crore people, mostly individual proprietorship / Own Account Enterprises. Over 60% of units are owned by persons belonging to Scheduled Caste, Scheduled Tribe or Other Backward Classes. Majority of these units are outside the formal banking system and are forced to borrow from informal sources or use their limited own funds. With a view to bridge the gap in financing of this sector, the Hon ble Prime Minister launched the Pradhan Mantri Mudra Yojana (PMMY) with Micro Units Development & Refinance Agency Limited (MUDRA) as a support institution. Pradhan Mantri Mudra Yojana (PMMY), a scheme to finance income generating small business enterprises was launched on 08 th April, 2015, along with the launch of MUDRA, wherein all banks are required to finance 02 micro entrepreneurs engaged in income generating activities with loan requirement up to ` 10 lakh. MUDRA provides refinance support to banks and other lending institutions lending under PMMY, as per their needs. MUDRA credit guarantee support is also available to all eligible institutions under the Yojana. The lending under Mudra Yojana would focus on unfunded segments of the micro enterprises engaged in manufacturing, processing, trading, service sector activities and activities allied to agriculture by granting the loans in three categories which contribute significantly to the nation s GDP: Loans up to ` 50,000 (Shishu) Loans above ` 50,001 and up to ` 5 lakh (Kishor) Loans above ` 5,00,001 and up to ` 10 lakh (Tarun) The programme is being implemented across the country by Banks, MFIs & NBFCs. MUDRA, as part of its monitoring the programme, has developed a dedicated portal to monitor the progress of PMMY on a weekly basis. To facilitate hassle-free and flexible working capital to the borrowers, MUDRA has also introduced the MUDRA card, a debit card on RuPay platform. About 8.30 lakh cards for an amount of ` 4,300 crore have been issued so far. The programme has been a great success and has surpassed the annual targets set in each year. The programme has helped more than 11 crore loan accounts to avail of credit to the extent of ` 5.60 lakh crore from various formal credit institutions. The PMMY has thus helped many aspiring entrepreneurs to realise their dreams of finding employment and income generation, which had hitherto remained unrealised due to lack of funding support. Smt. Shila Nath Smt. Shila Nath s journey of running her saree business began right from her home. Yet she always dreamed of having her own saree shop in town. One day, fortuitously, while attending a Bandhan Bank group meeting, she heard about the PMMY scheme. Without further delay, she visited the Bongaigaon Bandhan Bank branch to enquire about her prospects. The team helped her to understand the product and assisted her in the application process as well. She soon received a loan for ` 1.2 lakh. With her zeal and business acumen, she tasted success early and expanded her business by setting up her own saree store Saree Wall. The shop houses a variety of sarees viz. like Muga silk, Mekla chadar and the like. Starting from scratch, Shila is now a successful business woman owning her own saree shop and lends a supporting hand to her family. She has enough business to enable her to employ 4 people in the shop. Bongaigaon, Assam Bandhan Bank, Bongaigaon branch, Bongaigaon district, Assam Wholesaler of sarees Kishore ` 1.2 lakh 03 Smt. Pushpa Babaji Bansode Kharghar, Navi Mumbai Bank of India, Kharghar, Navi Mumbai Manufacturing of silver coated paper bowls and plates used for distribution of prasad in temples Kishor ` 3 lakh Smt. Pushpa Babaji Bansode, aged 40 years, hailed from a humble lower middle class SC family. With a dream to establish herself as first generation entrepreneur, she sought to venture into the manufacture sector. She had observed that the demand for manufactured products was immense and with the support of a bank loan, she would be able to cater this demand. Seeking funding, she visited the Bank of India branch near her home where the staff briefed her about the PMMY scheme. Today she has a flourishing business of manufacturing silver quoted paper plates and bowls, which are used in temples for distributing Prasad. She has received a five-year contract from Om Sai Enterprises and Gruha Udyog, New Panvel for supplying her products to them. Smt. Pushpa is now a confident entrepreneur and manages her business efficiently, with the help of two people she has employed. With the revenue she generates from her business, she supplements her family income. This contributes to a better standard of living. 04 Smt. Pooja Papil Nandagawali 29 year old Smt. Pooja Papil Nandagawali is a DMLT diploma holder. Her father is a retired employee from the Government Primary Health Centre. Armed with her diploma, for a period of over three years, this girl from a lower middle class family, worked at various Pathological Labs in the city to gain experience. But her dream was to open her own Computerised Pathological Laboratory and serve the people in the rural areas. One day, Pooja saw an advertisement in the newspapers which contained information on the Mudra Scheme. Her Bank of India branch at Khadakpada also displayed the details of the Mudra Scheme. She applied for a loan of ` 6 lakh, which she used to set up Pooja Clinical Computerised Pathalogical Laboratory at Gove Gaon (Village), which is situated in the Bhiwandi Taluka of Maharashtra. With her expertise and hard work, her profession grew steadily. The residents of Gove Gaon trusted her pathological services and she began to get good support and referrals from Doctors and Medical Professionals in her locality. This helped her to garner adequate income. Navi Mumbai Bank of India, Khadakpada Branch, District Thane, Maharashtra Clinical Computerised Pathalogical Laboratory Tarun ` 6 lakh As the proud owner of M/s. Pooja Clinical Computerised Laboratory, she employs 4 people a technician, a peon, a receptionist and a marketing person. 05 Smt. Kiran Kumari - --, Atwal Colony, Bokaro Steel City, Jharkhand Bank of India, B.S. City, Bokaro, Jharkhand Toy shop Kishor ` 2 lakh I Smt. Kiran Kumari lived in a little house at Atwal Colony, Sector-4, Bokaro Steel City in Jharkhand. Along with her husband, to try and make ends meet, she would sell toys as hawkers. Her family, comprising her husband, three young daughters and herself, were so poor that they would sometimes find it hard to manage two square meals a day. Yet they never lost hope. One day, the officials of Bank of India, B.S. City branch were on a drive to assist needy families by promoting entrepreneurship. Smt. Kiran Kumari and her husband signed up for a loan of ` 2 lakh and put it good use; they set up a Toys and Gifts Shop which was stocked with all kinds of toys and gifts for children at City Center, Bokaro. Her shop is running well today and she has started getting good returns from it. Along with a better income, she earned a good reputation in the market and has become a successful woman entrepreneur who employs three store assistants. 06 Shri. Manish Jagdish Mhatre Shri. Manish Mhatre ran a small tailoring business but always had great dreams of becoming a big entrepreneur someday. Fortune smiled on his the day he saw a banner propagating the Pradhan Mantri Mudra Yojna at Bank of India s Juchandra Branch. He approached the branch for details and was ably guided by the bank staff regarding the scheme. He applied for and received a loan of ` 5 lakhs under the PMMY-KISHORE category. This assistance boosted his financial capacity and enabled him to install stitching machines and printing devices. With this equipment, he began to make attractive T-shirts for youth and various other sports wear. He was also able to increase his capacity to supply his products. Now he receives orders for his products from various parts of Maharashtra, which he services to their extreme satisfaction. He has not only turned his fate around but also provides employment to 4 other youngsters at his unit. Naigaon East, Tal Vasai, District Palghar Bank of India, Juchandra, District Palghar, Maharashtra Sportswear manufacturing unit with stitching machines and printing devices Kishore ` 5 lakh 07 Shri. Robert Roche Palvem, Chinchinim, South Goa Bank of India, Chinchinim, District: South Goa Making and selling bakery items such as patties, chips etc. Shishu ` 50, Shri. Robert Roche, a resident of Palvem, Chinchinim, South Goa, had a small business which involved making and selling bakery items. He used to make these items at his home, on small scale, and sold them to local customers in the Chinchinim market area on a daily basis. When the Pradhan Mantri Mudra Yojana Scheme was announced, he heard about it from his friends and came to the Bank of India Chinchinim Branch, which he is a patron of, to make enquiries. He had a very modest request of a loan of ` 50,000, which would enable him to start manufacturing his bakery products in a more professional way. The branch officials saw potential in this sincere and hard-working man and sanctioned the loan under the Mudra Shishu Yojana. He utilized the loan to purchase a professional oven and other bakery related equipment, which would help in enhancing his business. In the time span of a little over a year, his sales had increased to ` 2,500 to ` 3,000 per day and his net income per month grew to ` 30,000-40,000. Now, Shri. Robert Roche has employed 5-6 people to help in his business and rented a shop in the heart of Chinchinim market. His sales are all set to increase still further. He admits that he never dreamt that all this was possible; it all happened simply due to the finance made available to him by Bank of India, Chinchinim branch under MUDRA Scheme, without collateral security. Shri. Timotio M. Mascarenhas Shri. Timotio M. Mascarenhas, a resident of Ambelim village, has been in the business of fabrication of various items, including grills, etc. He had procured the necessary equipment, such as welding and fabrication machines. The business was running well until he had an accident due to which, he injured his leg. This injury rendered him unable to run his business. Two years later, in 2016, he decided to restart the business. However, he needed working capital. Fortunately, he heard about the Pradhan Mantri Mudra Yojana through an active campaign of the scheme by the Bank of India the Velim Branch in South Goa. As he was an existing customer, he approached the bank for finance. He was sanctioned a working capital limit of ` 50,000 and began his business once more and could earn a good living in addition to sustaining the jobs of his 2 existing labourers. In addition, he has been able to provide employment to 4 more labourers and indirect employment to other people. Ambelim, Saclete, Goa Bank of India, Velim Branch, South Goa District Metal fabrication Shishu ` 50,000 09 Shri. Abdul Kareem Sabbeeraali Valpoi, Sattari, Goa Bank of India, Valpoi Branch, District: North Goa, Goa Manufacture of cements blocks and other cement products Kishore ` 3 lakh 10 Shri. Abdul Kareem Sabbeeraali is resident of Valpoi, Sattari, Goa, who has been in the business of making and selling of all types of cement blocks and other cement products for the past 10 years. His company, named M/s. Sajida Cement Products, clocks a monthly sales turnover of ` 40,000 and he is left with an income of around ` 15,000. Initially, his business was confined to the local market of Valpoi but he wanted to expand to other parts of Goa. He visited the Valpoi branch of Bank of India and enquired about a loan for the expansion of his business. He explained that he would have to purchase additional stocks of cement bags to make and sell additional cement blocks and other cement products, since he wanted to expand his supply to other parts of Goa. The employees at the bank explained him the benefits of the Mudra scheme, with special emphasis on the Loan without Collateral Security or Guarantor advantages. He applied for a loan of ` 3 lakh. The bank branch assessed his proposal and was satisfied with his revenue and income projections and sanctioned the loan under the Mudra Scheme Kishore category. With the additional funds, Shri. Abdul Kareem Sabbeeraali was able to open another workshop where cement bricks and other cement products could be made. At present, his business holds stocks valued at ` 5 lakh. His monthly sales amount to ` 80,000 and his average monthly income is around ` 30,000. The timely finance, made available under the Mudra Scheme, helped Mr. Abdul Kareem Sabbeeraali to expand his business and increase his income. It also enabled him to employ about 8 labourers for his business. Smt. Gita Anil Chaudhary Smt. Gita Chaudhary, aged 33 years, and her husband Shri. Anil Chaudhary hail from the state of Bihar. Shri. Anil Choudhary and his family have been staying in Mumbai since 1993 and moved to Boisar in 2010 in pursuit of a livelihood. Smt. Gita Chaudhary completed certified training in different aspects of tailoring. Armed with these certificates, she hoped to start a small tailoring institute to empower other low income group women in the area. She observed that women around her locality, if trained in tailoring, could work to bring in additional funds and supplement their family income. Moreover, many industries like Siyaram, Kamadgiri, etc., which manufactured readymade shirts and trousers, required people with experience in tailoring. To enable her to set up an institute where she could train women, she would require financial capital. At that time, various hoardings for PMMY scheme were being put up in her locality. Seeing them, she approached the Boisar Branch of Bank of Baroda, in September 2015, for financial help and the head of the branch personally explained the scheme to her. To set up the unit, Smt. Gita Choudhary would require a total investment of ` 1,57,000. The bank helped her secure ` 1,17,000 through the Mudra scheme, while she contributed the remaining amount. She purchased 15 sewing machines and started the tailoring institute. Today, she has 30 machines and teaches 40 women at the institute in two shifts. Undertaking this venture has not only providing her with a remunerative livelihood but has also empowered other poor women (40 women so far) to stand on their own feet and financially support their families. Keshav Nagar, Near Water tank, Boisar Bank of Baroda, Boisar Branch, Mumbai Tailoring classes Kishore ` 1.17 lakh 11 Smt. Vaishali Parikh Kranti Maidan Surya Nagar, Vikhroli West Bank of Baroda, Gandhi Road, Ahmedabad, Gujarat Manufacturing of Bakery Products Tarun Cash Credit of ` 2.00 lakh and a Term Loan of ` 7.68 lakh Smt. Vaishali Parikh had garnered two years of experience manufacturing bakery products, like chocolate, bread, toast, puffs, cakes, pastries, etc., on an order basis. But she was eager to launch her own brand and expand her business. She was keen to deploy state-of-the-art technology while manufacturing these products. But the scale of business that she was planning would require a good amount of investment in machinery, as well as working capital. She approached her bank - Bank of Baroda, Gandhi Road Branch, Ahmedabad and presented her project and funding requirements to them. The Branch Manager apprised her of the Pradhan Mantri Mudra Yojana (PMMY) and advised her regarding the quantum of finance she could avail under the scheme. She borrowed ` 7.68 for machinery and ` 2 lakh as working capital. With this, she started Bake House, her own bakery. Her dream come true was possible only due the PMMY scheme launched by our honourable Prime Minister. Today, her bakery shop which has a staff of 5 people, is renowned in the locality. 12 Smt. Munirabanu Shabbir Hussain Malek Smt. Munirabano from Surat is a housewife. She belongs to a middle class family from a minority community. Because of her poor financial condition, she and her family faced very difficult times. Yet she held on to the dream of a better livelihood and shifted to Surat form their small town. To make ends meet, her husband opened a Pan shop while Smt. Munirabano started a tiffin service. But life was still difficult in the city. She heard about the LMV Driving training under the Pink Auto Project by the Surat Municipal Corporation and RSETI- Surat (BSVS). It was then that Smt. Munirabano decided that she would have to become more independent and earn more money for her family. She summoned all her confidence, plucked up her courage and applied for this training. After getting proper training and practice in driving auto rickshaws at RSETI- Surat, Smt. Munirabanu availed a loan of ` 1,77,650 from the Bank of Baroda, Limbayat Branch under the PMMY scheme. She used the funds to purchase her own Pink Auto Rikshaw. This was the start of a new chapter in her life. As a Female Auto Rickshaw owner and driver, she became an inspiration to other women and an example of Women Empowerment. She now earns ` 25,000 per month and is grateful to RSETI, Surat as well as Bank of Baroda and SMC, Surat for her success. Shastri Chowk, Limbayat, Surat Bank of Baroda, Limbayat, Surat Auto Rickshaw Driving Kishor ` 1,77,650 13 Shri. Ashok Kumar Tosham, Bhiwani Canara Bank, Tosham Branch, Bhiwani, Haryana Carpentry and wood work manufacturing and sales Kishore ` 4.50 lakh Shri. Ashok Kumar is a Skilled Carpenter who had worked for a furniture manufacturing firm for a period of 3 years. He always wanted to start up a workshop of his own but due to financial constraints his family faced, he was not able to garner the fund needed for a business. Fortunately for him, the Tosham Branch of Canara Bank which was near his home was aggressively conducting MUDRA Camps, through which they were informing people about the benefits of the Mudra scheme and its modalities. Until then, he was hesita
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