A study on entrepreneurial assistance to slums widows by providing revolving fund through outreach, Loyola College, Chennai

Abstract

The widows need timely and adequate micro-finance without any rates of interest to raise their earnings and improve their living standards because of their daily struggles and problems. However, in India, the poor particularly widows have not received adequate institutional credit during the past 15 years. In spite of the Loyola College outreach department has tried to help the poor especially widows by strengthening their children’s education through providing interest free revolving fund the concept of neighbourhood development. The socio-economic status of widows is very low. They are getting Rs.3000 to Rs.3500 per month. As most of the widows have been married at an earlier age, their health status is quite bad. The life of widows in the slums is a daily struggle against poverty, disempowerment, illness and suffering. Therefore, outreach department of Loyola College has identified young widow entrepreneurs and helped them financially to start small business. They have been given Rs. 5000 as a loan without interest. Students are identifying widows in their outreach working slums who are interested in doing entrepreneurial activities and are given interest free loan for small type of entrepreneurial activities like flower selling, sari business, idly business, tiffin shop, vegetable sales, juice making and leather business. The department is conducting training programs, workshops, seminarsand symposium and is also creating awareness about market information, technology and methods to improve productivity, and market infrastructure for their business development. The Department conducting awareness programmes on health and social security services, information on know-how, entrepreneurial ability, representation in decision-making bodies, drinking water problems, alcoholism, adolescent care, needs of girls' education, Government schemes, policies and welfare measures available for women, legal awareness, entrepreneurial skills, marketing, Creation of self-employment, inculcating saving habits among widows, formation of S.H.G and start an S.B account in banks and in post offices to meet emergency need.