Satin Creditcare Network Limited (SCNL) (NSE: SATIN, BSE: 539404), one of the leading microfinance institutions in the country, provides support to aspiring entrepreneurs across Uttarakhand.
With limited opportunities for work and a declining agricultural sector, the hill districts of Uttarakhand are highly dependent on remittances and have been seeing increasing rates of migration. Entrepreneurship can provide alternatives to migration in the long term. Through this association, Satin Creditcare Network Limited in association with Udhyam aim to provide a platform for entrepreneurship for creating jobs for job seekers and setting the stage for aspiring entrepreneurs through mentoring and facilitating funds. Part of the Agrani India Foundation, Udhyam is a rural entrepreneurship program to encourage entrepreneurial activity in the rural communities of Kumaon region, Uttarakhand.
Entrepreneurs who have the potential to transform the local economy and environment are screened, and a supportive environment is provided for enterprise creation and development. Applicants are assessed on their attitude and motivation, the strength and suitability of their business idea, as well as the likelihood that they would be able to repay the loan. Agriculture, animal husbandry, tourism and shops constitute the majority of business ideas. The entrepreneurs go through a financial planning session which familiarizes them with the basics, post which the final loan document is processed.
Mr. HP Singh, Chairman and Managing Director, Satin Creditcare Network Ltd, says, “We believe in creating progressive opportunities for the lesser privileged sections across rural, semi-urban and urban India through our customized financial solutions. It directly helps increase their income-generating capabilities, thus reducing poverty. Our loans help us accompany our customers on their journey of securing financial independence and a better future. Through our association with Udhyam, we strive to positively make an impact in the mountain region of Uttarakhand.”