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 Microfinance Institute (BMI) was incorporated in 2007 to provide access to quality microfinance to the most vulnerable communities in Sri Lanka. The company is known for for its “credit plus” services, through which a client can have both financial and technical assistance at the same time.
The lending methodology is collateral-free, including an interest guarantee within a group family. BMI is unique because they reach the least served areas and targe the poorest segment of the population for the lowest interest rates among private sector and NGO-type lenders. The company intends to expand the vicinity of its activities, especially to the North and East districts, which are highly deprived and were suffering from protracted war and the areas which are more prone to environmental disasters. With the partnership of Whole Planet Foundation, BMIC intends to strengthen its activities in Kaluwanchikudy branch covering both Manmunai South and Eruvilpattu Divisional Secretarial divisions.