Many budding entrepreneurs, irrespective of their age, gender and background, are now able to pursue their entrepreneurial dreams. Thanks to the rapid pace of digitalisation, improving penetration of financial services, supportive policy framework for financial inclusion and initiatives from government and other stakeholders, many micro entrepreneurs are now able to realise their entrepreneurial dreams in India. One such inspiring story was scripted by Santosh, a 47-year-old woman from Dabadeh, Kota, Rajasthan, who took a decision around 7-8 years back to try her hand in entrepreneurship to support her family.
Starting an enterprise is a challenging task and the road is not easy for women entrepreneurs, especially in rural areas. They are not only battling with different social stigmas, stereotypes and preconceived notions but also the real challenges of lack of resources. And, Santosh was not an exception. Fighting all odds and struggling with her daily financial requirements, she somehow managed to run a small general store, but she had a dream of venturing into cattle rearing and milk distribution which required significant investments.
When it comes to financing women entrepreneurs, creditors show apathy as they don’t trust the capabilities of women and live in a fear of money becoming NPA. Along with this trust deficit, Santosh had to deal with her low credit history which was enough for creditors to decline her loan request.
A helping hand
What Santosh required was a helping hand to accomplish her dream which got a new lease of life when Moneyboxx Finance (Moneyboxx) came forward to help her. After evaluating the situation, Moneyboxx not only believed in her idea but also quickly sanctioned a loan of Rs. 1 Lakh to purchase cattle. With timely repayments and two repeat loans with the latest loan at Rs. 2.5 Lakhs, she was able to increase the cattle count to 8 and also add a new gift segment in her general store shop. Through continuous support provided by Moneyboxx in her economic empowerment journey, she was able to double her income in a span of three years. At the same time, transparent and flexible financing solution from Moneyboxx enabled her to adhere to the agreed repayment conditions which helped her build a strong credit history.
To further ensure sustainable development, Moneyboxx is providing veterinary doctor services to guide her on cattle health management and milk yield apart from creating awareness about the benefits of timely repayment of loan. She is now successfully running her livestock business and has emerged as a source of inspiration for others in the vicinity.
Recognising the advantages of Moneyboxx’s services and easy repayment conditions, Santosh availed loan for her other business as well and wishes to continue her association with the lender.
This inspiring journey of Santosh of accomplishing her dreams and strengthening her family’s financial condition has encouraged many to understand their capabilities, set a goal and move with utmost determination to achieve that. Moneyboxx Finance is committed to extend its helping hand to aspiring individuals who wish to come out of financial stress and live a dignified life.