Mahashakti Foundation 4
With EUR 15,000 the Mahashakti Foundation can provide loans to mothers in order to pay their childrens' tuition fees.
€15,000
3.00%
24 months
6 months
EUR
CurrencyAmount | €15,000 |
Interest | 3.00% |
Maturity | 24 months |
Repayments | 6 months |
Currency | EUR |
The project
Odisha houses few of the most financially backward families in India. Communities from Khurda district in rural Bhubaneshwar, Odisha slums lack even the basic amenities such as personal water connections and toilets.
A typical household in this setup consists of four members on an average- wife and husband, and their two children. The women of these households are homemakers, or are engaged in small-businesses such as tailoring, incense stick making, petty shops or beauty parlours, while the men are usually away, working in nearby towns and cities as carpenters, drivers, construction workers and daily wage labourers. The women and men of these households together are able to bring in no more than $90-$150 per month.
The younger members of this community go to local government schools as their parents now understand the importance of education, and wish for their children to have greater opportunities than they had themselves. For higher education, students have to travel 1-2 hours every day to a nearby town. Life remains full of tough challenges for these children despite their exposure to education. The cramped houses with little to no ventilation do not make for ideal places to study. Additionally, the girls do not receive the same kind of support for pursuing their education and are often expected to help out with household chores.
In spite of these hardships, the children and their supportive parents have not relinquished their dreams and aspirations. Milaap, through its partnership with Mahashakti Foundation, will provide mothers from Khurda education loans for their children- to be able to fund their tuition fees, stationery needs, textbooks, school uniform etc. Local partner Milaap provides a loan to the Mahashakti Foundation that must be repaid in 24 months.
Company name | Milaap |
CEO | Jugal Kishore Pattnayak |
Founded | 2004-01-01 |
Location | Odisha |
Sector | Financial services |
Turnover | €281,054.98 |
Employees | 203 |
Impact
Milaap is the largest crowdfunding platform in India, enabling stories of hope, courage, and change. They provide credit services to the poor and excluded to help them to work themselves out of poverty.
Milaap partners with a range of credit-worthy field partners who hold a strong social mission. They grant loans for energy projects, water access, artisan supply chains, and more, mostly in rural areas. Many of their projects empower women entrepreneurs, mainly providing working capital to women with a weaving enterprise, small shops, or handicrafts.
SDG’s impacted
With this project you are contributing to the following Sustainable Development Goals:
SDG 1. No poverty
SDG 3. Good health and well-being
SDG 5. Gender equality
SDG 6. Clean water and sanitation
SDG 8. Decent work and economic growth
SDG 10. Reduced inequalities
Read more about the impact you can make through our platform and the SDGs on our impact page.
- With this investment 2 jobs are created
- With this investment 8 lives are improved