Ahovi Huka Sumi owns and manages a fruit shop. He lives in Kohima with his parents and his two brother. He has been running his business for the last three years and it has grown steadily as a result of a growing local population and availability of credit. This loan will be used to restock his store and pay for the maintenance costs. The additional income produced by selling fruits will also benefit him greatly, allowing him to build a sound future for his family.
Ahovi Huka is a food entrepreneur who works 9 hours a day for 6 days a week. With this loan Ahovi Huka will potentially obtain employment for 351 days.
The interest rate charged is split into returns for the social investor, fees for the impact partner and platform charges. Ahovi Huka Sumi has consented to pay the interest as below:
Investee
pays
10.00% flat p.a.
18.00% APR
Social
Investor
4.00%
7.20% APR
Platform
charges
6.00%
10.80% APR
The following section provides a detailed view of the investee loan requirement.
Loan
amount
₹ 30,000
Loan
tenure
12 months
Moratorium
None
Repayment
mode
EMI
Investee
occupation
Food store
Entrepreneurs Associates (EA) was founded in 2001 to transform the landscape of despair and broken economy of Nagaland and foster the spirit of self-reliance & responsible leadership in the psyche of Nagas. They believe in the potential of inclusive and responsible entrepreneurship where entrepreneurship is accessible to all. For over 18 years, EA has been closely working in the field of entrepreneurship to promote local youth to take up entrepreneurship to bridge the widening vacuum of local enterprises all over the state. EA advocates the Naga youth to look beyond government jobs and seek out ways to contribute towards building the economy of the state. EA works with potential Naga entrepreneurs who have been denied credit from other sources. They train, mentor and finance these first generation entrepreneurs and help them set up successful businesses.
Rang De's partnership with EA works to a culture of entrepreneurship by making credit accessible to Naga entrepreneurs.
Rs 1,83,72,800
Disbursed
211
Investees
99.0%
Repayments
Access to finance has always been a challenge in Nagaland. Through Rang De, we can now provide low cost credit to our community with ease.
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