One of India’s leading do-good organizations is ASOMI, a micro-finance institution focused on transforming the lives of thousands of individuals. ASOMI provides credit services to those in need of loans to improve their small businesses. Their focus on the disadvantaged section has paved the way for new opportunities for those in need by changing the attitudes of several impoverished communities. Moreover, ASOMI believes that micro-finance is the solution to current socio-political issues.
Some of the loans currently being offered range from individual loans to dairy and agricultural transportation loans, which have helped several families in both rural and urban areas of Assam. The rate of interest for most of these loans is 10%, requiring an initial deposit of 10% of the loan amount. These terms are feasible for many and as of today, ASOMI has made 17,503 loans, covering 26,456 families financially. Urban microcredits are also offered for small shopkeepers with daily payback collections instead of the larger monthly payments.
In these ways, ASOMI’s Microcredit Program has enabled several businesses to reach success, evident in the brand Sorbhog Marka Noodles. When a group of women hoped to manufacture noodles in Sorbhog they needed loans which ASOMI provided. They not only received money for their start-up but were also taught the rules and regulations for manufacturing in the Sorbhog area.
Aside from offering loans, ASOMI also provides a certificate course in management development for each of their existing employees and new loan applicants. This course allows individuals to develop a range of skills including credit management, record keeping and corporate governance. Sorbhog Marka Noodles is, however, just one success story among thousands. By combining loan opportunities with business mentoring, both men and women are able to become micro-entrepreneurs.
ASOMI currently has over 53 branches, an amazing feat considering the organization only began 9 years ago. The organization has support from private Indian finance institutions and government organizations including the Central Bank of India and State Bank of India. This accredited organization hopes to foster sustainable employment opportunities and with over 200 employees working hard on this mission, there is no doubt that it will continue to have tremendous impact for those in Assam.
– Maybelline Martez