On-the-spot-cash for thousands from 1,073 Divi Neguma banks

Tuesday, 2 September 2014 02:07 - - {{hitsCtrl.values.hits}}

‘Sahana Aruna’ launched country wide Divi Neguma beneficiaries welcomed the Divi Neguma Sahana Aruna program, which was launched on 1 September through 1,073 Divi Neguma community banks, with thousands of people already obtaining cash benefits. They were able to obtain microfinance facilities regardless of age, guarantors, collateral and additional documents through the Divi Neguma Sahana Aruna program of the Divi Neguma Department which was established on President Mahinda Rajapaksa’s recommendation. Its objective has been to empower the masses through livelihood development projects for poverty alleviation. In addition, loans ranging from Rs. 5,000 to Rs. 50,000 may be obtained for consumer needs, repayment of loans or other emergencies.

More than 100,000 Divi Neguma beneficiaries participated in the commencement ceremonies held in 327 Secretarial Divisions on 1 September. There are 2.7 million families living in 35,440 villages coming under 14022 Grama Seva areas who qualify for assistance under the program. The loan recipients are required to repay the loans in 24 instalments at 4% interest. The program encourages people to invest income from the village in the village itself and will help prevent some of them from falling into debt by obtaining loans at high interest rates from financial institutions, according to the Economic Development Ministry. A.G. Ranasinghe of Nawagurukele in the Doluwa Secretarial Division said that he received, without delay a loan of Rs. 50,000 he applied for to buy basic equipment needed for livelihood improvement projects. Malkanthi Weerasinghe of Kandaketiya, Badulla said that the loan of Rs. 30,000 she promptly received would be used for repaying a loan which she took from another organisation. She explained that she obtained the Sahana Aruna loan of Rs. 30,000 on an annual interest of 4%, whereas the earlier loan she had taken from another organisation was at an annual interest of 84%. Nishantha Kithsiri (37) of Polgasowita had obtained Rs. 50, 000 within a few hours without any additional documents. He said he would use the money to improve his garment industry. Meanwhile, W. Sudharma (47) of Akmeemana, Galle said that she will use the Rs. 50,000 she obtained to improve her retail shop. She was surprised at the extremely low interest of 0.3% per month. P.G. Sriyani (41) of Malwattagama, Ihala Korale said she obtained Rs. 50, 000 to improve her floriculture industry without any additional documents or collateral. Rohana Jayananda (34) of Weligama, Matara said that he will use the Rs. 40, 000 he obtained for improving fish marketing facilities. People who joined the scheme to obtain loans for consumer needs were also seen at these events. Among the contributors to this scheme were those engaged in the fields of agriculture, livestock, fisheries and cottage industries.