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September 1, 2006 |
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SKS Microfinance Launches Urban Microfinance Program in
Hyderabad, Andhra Pradesh
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Hyderabad, India – SKS launched
its first urban microfinance program today in Hyderabad, Andhra
Pradesh. The pilot program will run for four-and-a-half months, from
September 1st, 2006 to January 15th, 2007, and serve over 800
members spread across a number urban slums in the twin cities. SKS
has opened two branches in East Marredpally and Hyderguda to better
reach these populations. The program is modeled after SKS’
successful rural microfinance initiatives with minor modifications
to suit the urban environment. The program uses a similar
methodology – lending to individual members through joint liability
groups – to catalyze a number of income generating activities
undertaken by the members; including tailoring shops, tiffin
centers, general stores and bangle shops.
If the pilot is successful, SKS will roll out operations in urban
centers throughout the country. “With over 25% of the country’s poor
living in cities, it is essential that SKS work in these areas to
have a widespread and lasting impact on poverty alleviation,” said
Mansi Kohli, Project Manager, Urban Microfinance. “Through the pilot
study we hope to gain a better understanding of the urban market so
we can effectively and efficiently roll out country-wide.”
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