IDYDC Micro-finance program was started to tackle poverty and improve families’ economic condition. Giving loans can be a burden if the person does not have enough information and skills to manage the loan. We give Business Skills and Loan Management training for all who have requested for the loans before they sign the contract. This helps them to make informed decision before they sign the loan contract.
Loan Management training
In the training participants are taught about loan systems from person to person up to loans in the banks and big financial institutions. We make them understand how the interests are calculated, fines and penalties for those who fail to pay back in time.
The loan applicants are made to ask themselves if it is worth to take the loan or not. Loans require discipline and only those who are disciplined enough can benefit from getting loans. The training is done to a group so everyone has to agree to the conditions.
Business Skills training
The second part of the training is Business skills. As one of the condition of getting loan is to have an active business this training is very essential to the applicants. After learning loan management participants are taught about ways to improve their business and make more profit. The training help them to understand that they need to make enough in order to make repayments on time and still make profit.
This training have proven to be efficient as we do our best to clear every doubt before giving the loan. We encourage discussions and questions so everyone should feel comfortable about the contract to be signed. Some of the participants who have taken the loan before help to clear doubts and share their experiences.
We hope that the knowledge we are imparting will help these people and the society in general. When people know how to manage their finances it becomes easier to solve other problems surrounding them.