- Microfinance is a source of financial services for entrepreneurs and small businesses lacking access to banking and related services. The two main mechanisms for the delivery of financial services to such clients are:
- relationship-based banking for individual entrepreneurs and small businesses
- group-based models, where several entrepreneurs come together to apply for loans and other services as a group.
- It is a common belief that microfinance will help poor people out of poverty. It is a way to promote economic development, employment and growth through the support of micro-entrepreneurs and small businesses.
- Microfinance is recognized as a tool to alleviate poverty and RGVN(NE)MFL's efforts to convert this into a possibility in the Northeastern region has been achieved through hand-holding of investors both Indian and overseas.
- Microfinance is the proper tool to reduce income inequality, allowing citizens from lower socio-economical classes to participate in the economy.
- Moreover, its involvement has shown to lead to a downward trend in income inequality.
WIHRET encourages you to become a money lender and provide loans to our people who are poverty stricken.
- WIHRET and its women groups have jointly worked upon a few self reliant systems of saving and credit systems for making income credit and saving by women groups are as follows.
- Individual Saving
- Community Savings
- In a very short period time the women members in small groups of 4-5 and individually being given small loans pounds to make them self-sufficient .
- About 67 such enterprises groups and more than 180 potential women members are practicing fish selling , fish processing , poultry , dairy , goatery , and kitchen gardening with the funds and are getting instant profit to manage their livelihood .