“We make aliving by what we get;
We make a life by what we give.”
Mentor and Angel Group of ICreate (MAGIC) is a revolving fund, created from the donations of many organizations and individuals, to be able to provide “bridge" loan or full funding to I Create trained wantapreneurs. This is a no-interest but reasonable-service-fee assistance model. The amount provided is returnable to ensure the “revolving” nature of the Fund.
MAGIC was started with the idea of addressing the problem faced by micro entrepreneurs in accessing capital of small magnitude (Rs.25,000 to 50,000).
Donation based source of funding is the key to the success of MAGIC. Your contribution of Rs. One Lakh enables MAGIC help 3 to 4 entrepreneurs annually in Perpetuity
ICreate has set up a goal of raising Rs. 5 Crores by the year 2020 for MAGICFund Corpus.
Mr.Kirit Desai, a well wisher and supporter of I Create from the USA, has pledgedRs. 1 Crore as the Matching Grant. This is for the year 2016 and he will matchevery rupee raised by us by his own rupee – upto one crore.
Wehave a golden opportunity of moving fast towards achieving our goal anddoubling the impact of your contribution.
Weappeal to all like minded people to contribute generously towards the MAGICFund. Your contribution of Rs. One Lakhwill help us assist about 4 micro Entrepreneurs every year, in perpetuity.
Stories of some of the Beneficiaries are given below:
Bibijan runs a successful business and has become a job creator.
Fate played on Bibijan’s life when her husband succumbed to cancer. She did not have the educational background to get a job. She joined RAPID and underwent I Create training to learn the ways of running a business profitably. I Create MAGIC funding helped her to buy a sewing machine and an over lock machine to set up her tailoring business. She works hard and had made a name for herself in her area. she is socially conscious of helping others as she does not want anybody to suffer her fate. She continues to improve her business and her lifestyle to help her children to do better in their lives. Today she has created jobs for two assistants and reaches over 130 customers every month.
Annapurna, young divourcee starts her own business to meet the financial needs of her two year old daughter.
Annapurna Bandei took the drastic step of divorce as she was unable to live with her husband as he was suspicious of her conduct and constantly quarreled with her. Her future looked bleak and dreary and she was worried on how she was going to bring up her two year daughter.
She joined RAPID, where she was advised to take the I Create training to find out what she can do to start her own business. She was diligent and attentive during the Aspiring Entrepreneurs Workshop (AEW) which prompted her Mentor to recommend her for a loan under the MAGIC Fund.
I Create has helped her in setting up her Beauty Parlor under the MAGIC fund as she was very keen and confident of starting her business. She was also sure that she will be able to post profits at the earliest and start repaying the loan amount.
Ratna Katrakar- runs a laundry business, and has diversified in retailing saris to be successful in life.
Ratna Katrakar widowed for 17 years is the best example of the saying “when the going gets tough, the tough gets going”. When she lost her husband, who was the sole breadwinner of the family, she took over his laundry business on herself.
She has three children, who are too young to contribute to the family needs. The house that they live is under litigation. She is determined to have a place with no legal issues to be able to live in peace.
She underwent I Create training and was able to get a loan from I Create's MAGIC fund.
She has learned to manage the laundry business on a part time basis and has diversified into selling saris. She earns a good profit. She has a good record of loan repayment and will be eligible for a bigger loan from I Create Magic Fund.
Sudha Kamlesh Waghela became an entrepreneur to meet the education needs of her children.
Sudha worked as a caretaker to support her family. Her husband’s income is insufficient to meet the increasing education needs of their two sons. She underwent beautician training to start a beauty parlor to meet the education needs of her children.
She attended I Create Snehdeep, Baroda Aspiring Entrepreneurs Workshop ( AEW) and was able to get a loan from I Create’s MAGIC Fund. She started her business by setting up the beauty parlor in her house to save costs. Today she earns a good profit and is confident of sending her children to a good school to further their education.
All Contributions are eligible for exemption under section (G) of Income Tax Act.