I reached Biradi at 8 am and all the borrowers I wanted to meet were still busy with their early morning chores. Meanwhile Kashavva, a promoter working with our field partner MASS, briefed me about the microenterprises set up by Milaap borrowers. 6 months ago, Minakshi, Akkatayi, Jakkavva and Rukmavva got together and decided to buy buffaloes for their individual animal husbandry businesses. As they didn't have the required funds, they availed a Milaap loan of Rs. 60,000.
After a while Minakshi came to the center where we were waiting, and took me to houses of other borrowers. Minakshi and all three of her friends bought a buffalo. “Local dairy owners buy milk at Rs. 30/Lt. So we are easily able to earn around Rs. 3000 in a month,” she explained. As all four of them work in farms, it makes animal husbandry business even more profitable for them. Farm owners provide them with fodder for their animals. So apart from the initial investment required for buying buffaloes, there are virtually no other expenses at all.
They are running their business at a very small scale right now. But in the long run, the savings they are able to do because of their businesses is what matters to them the most. Since they have a safety net now, they no longer worry about any financial emergencies.