Habitat's move to help low-income groups
Published: 05th May 2011 02:22 AM |
CHENNAI: Habitat for Humanity International and Habitat for Humanity India have signed an agreement with the ASK Group, securing its investment in the ‘MicroBuild India Fund,’ a new initiative that will help over 60,000 low-income families access small loans to improve or repair their homes over the next five years.
The MicroBuild India Fund will invest in reputable, local microfinance institutions which, in turn, will allow them to offer affordable loans to low-income families.
“We know that many low-income families in India face obstacles when trying to secure loans to improve or repair their homes,’’ said Rick Hathaway, Vice President of Habitat for Humanity International’s Asia-Pacific office.
“Thanks to support from ASK Group, we are able to unveil the MicroBuild India Fund to give more people access to the financial support they need,’’ he said.
ASK Group Founder and Chairman Asit Koticha said, “The Group is delighted to be able to help Habitat for Humanity put the MicroBuild India Fund into operation.’’
The first MicroBuild India Fund loans are expected to be issued in July this year. Initially, the MicroBuild India Fund will focus on the states of Karnataka, Kerala and Tamil Nadu.
The average MicroBuild India Fund-backed loan amount is expected to be about `45,000. Habitat for Humanity International has committed $3.85 million in the Fund and the ASK Group will invest $1.89 million, over a three-year period.