growth issue

Dear Friends,

Greetings!

I am very happy to report you about our progress. Bihar Development Trust has crossed Rs. 300,000 in disbursement. Till now, 68 women borrowers have been benefited through our SAMVRIDHI microfinance programme. The loan outstanding is around Rs. 255,000.

We have 30 groups of women in Bhagalpur. The effort to form groups in urban Patna is on. We hope to end with 40 groups by March 2008.We have gone slow in group formation for a simple reason that we do not have finances tied up to disburse loan to another 72 women. We hope to cross Rs. 400,000 in disbursement by March 2008.

We are facing human resource crunch also as it is tough to attract people in low salary around 2000. So, we are thinking of raising salary in near future. We have taken rented office in both Patna and Bhagalpur. We have bought a motorcycle. The operation cost is baloonning up.

We hope to recieve loan and some grant from BASIX LAMP Fund by 30 march.

We are facing the classic chicken egg problem. No one is giving money till we grow big( means portfolio in 20-30 lacs) and unless some one gives 20-30 lacs rupees we can not create that big portfolio. Now, there are another set of support agencies whose approval are necessary to get Big funding agencies to nod. To get tieups from them also requires money.

A wholesale microfinance agency gave the following comment

'' Ravi ji, aap koi big daddy dhundhiye. Ye laptop le ke ghumne se MicroFinance me paise nahi milenge.''

So, the issue is how do we grow up? From where do I find big daddy?

We are open to evaluation, audit etc. We want some one to examine our systems and give suggestions to improve up. We are doing our best to learn and implement.We will find solutions but need help and guidance from seniors and peers.

Although, the going is getting tough, but we have resolved to mobilise Rs.15,000,000 in loans and grant in year 2008-2009

Can anyone help us regarding motivating some support agencies to select us as partner under their agenda of supporting new MFI?

Regards

Ravi Chandra