Micro Credit
Micro credit program can plays a vital role in poverty reduction of Bangladesh but Nabolok believes there is still need for extra motivation to enable any credit program to succeed. Moreover, though micro-credit needs no collateral, peer-pressure is the invisible guarantor that loans is repaid. In order to generate unity in a peer group, time is required. Nabolok has policy to form primary Savings and Credit groups, and at first inculcate in them the habits of attending weekly group meetings regularly and saving. At the same time, Nabolok ensures that the credit granted is used effectively by the borrowers by providing them with necessary skills through training. Nabolok started micro credit program from its own fund with only 01 branch since 1990. After getting partnership with PKSF from August 2001 Nabolok accelerated its micro credit activities with great sprite. Now Nabolok has a strong micro-finance program on 12 components in 38 branches at 80 unions of Khulna, Bagerhat, Satkhira, Jashore, & Jhenaidah District.
Specific Objectives:
· To provide credit to the poor to reduce poverty for their self-sufficiency.
· Create employment opportunity at marginalize and small household.
· To save the poor from mahajan and dadondar at the community level.
· To assists and provide support to the farmers for their agricultural activities.
· Inspire the poor for deposit savings for creating own capital fund.
Micro Credit Components:
· Jagoron:
Nabolok has loan provision named Jagoron on rickshaw, small scale business, van etc in urban area and on crop cultivation, rice cultivation, poultry, fisheries, van and rickshaw in rural area. The limit of this Jagoron loan is BDT 5,000 –BDT 49,000 with the interest rate of 12.5%.
· Agrosor:
To develop entrepreneurship Nabolok starts Agrosor loan among the progressive group members with the help of PKSF and have loan provision on small scale business having trade license. The limit of the loan is BDT 50,000 to BDT 10, 00,000. Only the graduate member of the micro credit groups is selected as the able person for receiving this Agrosor loan.
· Sufolon:
Nabolok is providing its Sufolon loan on Crab, Shrimp and sweet water fish, rice cultivation, fish culture, vegetable cultivation, poultry farming, livestock rearing, nursery & forestry, crab fattening according to its loan scheme. The limit of the loan is BDT 5,000 – BDT 50,000.Beside the loan provision Nabolok technical support unit (Fisheries, Agriculture, Livestock) conduct technical training session to the field based group farmers for systematic culture practice, arranged field based demonstration model, conduct community meeting, arranged cross visit, developed training materials, provide support on soil & water quality testing through testing kids and tried to change their practices from traditional culture to improved integrated culture practice. As a result farmers got the positive result and got more profit also can overcome the product damages.
· Buniad:
Nabolok has a special loan scheme for its ultra-poor beneficiaries named Buniad having no land with 10% interest rate. The limit of the loan is BDT 3,000 – BDT 20,000.
· Sustainable IGA Loan
Nabolok has loan provision named Sustainable IGA Loan for promoting sustainable IGA in specific areas with the duration of maximum 2 years. The limit of this loan is BDT 1,00,000–BDT 10,00,000 with the interest rate of 12.5%.
· Asset Creation Loan
Nabolok has loan provision named Asset Creation Loan for encouraging asset creation in rural areas with the duration of maximum 36 months. The limit of this loan is BDT 10,000 –BDT 30,000 with the interest rate of 8%.
· Livelihood Improvement Loan
Nabolok has loan provision named Livelihood Improvement Loan for improving lives and livelihood of poor people in rural areas with the duration of maximum 2 years. The limit of this loan is BDT 1,000–BDT 10,000 with the interest rate of 8%.
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Learning and Innovation Fund to Test New Ideas (LIFT)
Learning and Innovation Fund to Test New Ideas (LIFT) is mostly similar to Agrosor MDP Loan just basically most focused on Livestock just like as Turkey, Cow Rearing, Native fish Cultivation and Snail and mixed fish Cultivation. The limit of the loan is BDT 30,000 to BDT 10, 00,000 with the interest rate of 2% monthly reducing balance method.
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Agrosor MDP Loan
Nabolok starts Agrosor- MDP loan among the rising group members with the help of PKSF and this loan disburses having loan purposes on small scale business, traders, agriculture and livestock, fisheries poultry having trade license to develop entrepreneurship. The limit of the loan is BDT 30,000 to BDT 10, 00,000 monthly reducing balance method. Only the graduate member of the micro credit groups is selected as the able person for receiving this Agrosor-MDP loan. It is as like as Agrosor loan having some different loan purposes.
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Agrosor SEP Loan
Nabolok recently have launched a new scheme of Sustainable Enterprise Project (SEP) loan which disburse among the farmers who cultivate or plough the land considering social risky factors like safety apply of insecticides vegetable cultivation with enriched minerals. The limit of the loan is BDT 30,000 to BDT 10, 00,000 monthly reducing balance method.
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KGF Sufolon Loan
Nabolok starts KGF Sufolon loan among the rising group members with the help of PKSF and this loan disburses having loan purposes on small scale business, traders, agriculture and livestock, fisheries, beef fatening and poultry having trade license to develop entrepreneurship. The limit of the loan is BDT 30,000 to BDT 10, 00,000 monthly reducing balance method. Only the graduate member of the micro credit groups is selected as the able person for receiving this KGF Sufolon loan. It is as like as Agrosor loan having some different loan purposes.
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Livelihood Restoration Loan (LRL)
Nabolok recently have launched a new scheme of Livelihood Restoration Loan (LRL) loan which disburse among the farmers and micro entrepreneurs who have acutely loser causes of COVID-19. This loan helps them to rise and restore in the previous satge where they have before COVID-19. The limit of the loan is BDT 5,000 to BDT 1, 00,000 monthly reducing balance method.
Micro-credit Working Area
Khulna District: Khulna City Corporation, Rupsha, Digholia, Fultala, Dumuria, Batiaghata Upazila.
Bagerhat District: Fakirhat, Rampal, Sharankhola, Bagerhat Sadar, Mollahat, Chitolmari, Morelganj, Kachua, Mongla Upazila.
Satkhira District: Satkhira Sadar, Tala, Kalora Upazila.
Jeshore District: Monirampur, Keshabpur, Jashore Sador, Jhikargacha, Abhoynagar, and Chowgacha Upazila
Jhenaidah District: Moheshpur Upazila.
Beneficiaries
Number of Branches |
Member |
Indebted Member |
||||
Male |
Female |
Total |
Male |
Female |
Total |
|
44 |
7445 |
37997 |
45442 |
5855 |
29316 |
35171 |
At A Glance
Savings outstanding |
Loan Outstanding |
Over Due |
Net Surplus |
292,949,255 |
1,043,507,967 |
189,844,060 |
240,513,763 |
Loan Outstanding
Impact of Micro Credit
Nabolok has a vision to empower the grassroots people specially women through institution building and creating capital for their socio-economic development. Presently Nabolok has organized and empowered 45,442 members among 2524 groups and capacitated their leadership as well as institutional strength. The groups have their accumulated savings amount BDT 292,949,255.
