Rani has been tailoring for about 10 years, but she got the opportunity to expand her business with Berendina Microfinance Institute (BMIC) financing. She took her first loan from BMIC 2 years ago, 30,000 LKR ($166) which she used to purchase wholesale clothing. Then with her second loan, she purchased a second sewing machine, which then allowed her to add an employee to her shop. Now she has just started her third loan cycle with 80,000 LKR ($442) capital that she plans to use to further grow the business. Rani says she really appreciates the quick and easy process to access a loan from BMIC which she much prefers to government programs that take 1 and a half months to provide capital.
Microfinance Partner: Berendina Microfinance Institute
Berendina Micro Investments Company Limited (BMIC) is the successor of Berendina Microfinance Institute Guarantee Limited (BMI), which commenced its operations in 2007 with the objective of uplifting the living standards of underprivileged segments in the population of Sri Lanka by enhancing the access to microfinance, Enterprise Development Services (EDS) and micro savings. BMIC follows the triple bottom line approach of people, planet and profit. Thus, BMIC contributes to the Sri Lankan economy by providing both financial and non-financial services to enhance the income generation activities of the economically active low-income people and build their useful assets.
BMIC is the first microfinance Company in Sri Lanka, received the microfinance license from the Central Bank of Sri Lanka in 2019. BMIC serves over 80,000 clients with a portfolio value of $16 Million USD in 11 high poverty Districts in Sri Lanka through 30 branches.
The company has been in partnership with Whole Planet Foundation since 2015 to reduce poverty of low-income people in the project areas. BMIC and WPF initially partnered to set up a new branch in Kaluwanchikudy Division in Eastern Province of Sri Lanka. In 2019, the BMIC and WPF partnership extended to set up a branch in Welimada in Uva Province of Sri Lanka.