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Blending Social Change with Economic Opportunity
India’s urban poor have few options for credit. Moneylenders, who can charge up to a 3,000 percent annualized rate, meet 95 percent of the demand. The vision of Nirmaan Bharati, a microfinance institution founded in the Uttar Pradesh capital of Lucknow in mid-2006, is to provide the poor with affordable, accessible means to improve their lives. It believes its impact on individual lives will grow into societal changes, “building lives toward nation transformation.” The institution’s goal is to serve over 500,000 clients in northern Indian cities within five years.
Nirmaan Bharati’s growth has been nothing less than phenomenal. By February 2008, it has expanded to three area offices and seven branches with locations in Kanpur and Varanasi, and is serving nearly 45,000 customers. In addition to providing micro-credit and other related financial services, Nirmaan is committed to building relationships with its customers and changing social conditions through services such as life insurance, health and hygiene services and education, adult literacy, and skill training and development.
Nirmaan’s strategy to focus microfinance services in underserved urban areas and help the poor both economically and socially, along with its commitment to make a tangible impact measured by tracking social indicators of progress, aligned with the Michael & Susan Dell Foundation’s goals. The foundation’s $500,000 commitment in support for core operating expenses over the first two years of operation is carrying Nirmaan Bharati through breakeven.
Nirmaan is one of the few urban-focused microfinance institutions in northern India. It is reaching out to women, those in greatest need of family economic stability and in whose hands microfinance has proven to translate into better health care, education and living conditions for their children. By working closely with women through solidarity lending groups and educating them about various financial, insurance and support services available, Nirmaan is fostering a new holistic model of accessible, affordable micro-credit to help break the cycle of urban poverty.
Download the full story here
India’s urban poor have few options for credit. Moneylenders, who can charge up to a 3,000 percent annualized rate, meet 95 percent of the demand. The vision of Nirmaan Bharati, a microfinance institution founded in the Uttar Pradesh capital of Lucknow in mid-2006, is to provide the poor with affordable, accessible means to improve their lives. It believes its impact on individual lives will grow into societal changes, “building lives toward nation transformation.” The institution’s goal is to serve over 500,000 clients in northern Indian cities within five years.
Nirmaan Bharati’s growth has been nothing less than phenomenal. By February 2008, it has expanded to three area offices and seven branches with locations in Kanpur and Varanasi, and is serving nearly 45,000 customers. In addition to providing micro-credit and other related financial services, Nirmaan is committed to building relationships with its customers and changing social conditions through services such as life insurance, health and hygiene services and education, adult literacy, and skill training and development.
Nirmaan’s strategy to focus microfinance services in underserved urban areas and help the poor both economically and socially, along with its commitment to make a tangible impact measured by tracking social indicators of progress, aligned with the Michael & Susan Dell Foundation’s goals. The foundation’s $500,000 commitment in support for core operating expenses over the first two years of operation is carrying Nirmaan Bharati through breakeven.
Nirmaan is one of the few urban-focused microfinance institutions in northern India. It is reaching out to women, those in greatest need of family economic stability and in whose hands microfinance has proven to translate into better health care, education and living conditions for their children. By working closely with women through solidarity lending groups and educating them about various financial, insurance and support services available, Nirmaan is fostering a new holistic model of accessible, affordable micro-credit to help break the cycle of urban poverty.
Download the full story here
Grantee Profile
Nirmaan Bharati
Program: Family Economic Stability
Equity Investment: $500,000 over 2 years
Activities: Micro-lending and support services
Impact: ~45,000 Customers
Visit grantee Web site
Equity Investment: $500,000 over 2 years
Activities: Micro-lending and support services
Impact: ~45,000 Customers
Visit grantee Web site