Tag Archives: BMI

Launch in Sri Lanka – new loans online

5 Dec

We are delighted to announce that we have partnered with Berendina Microfinance Institute in Sri Lanka and we have new loans online. It has been a long wait, and the wait is over.

Berendina  was originally started as a Trust named Berendina Stitching in 1987 by Mrs. Berendina Borst of Netherlands.  Over time the activities grew and Berendina Microfinance Institute (BMI) was setup in 2007.

There are several reasons why we decided to choose BMI as a partner:

BMI works directly with the borrowers rather than adopt a community based approach that is common in Sri Lanka. Thus they are able to reach the most vulnerable sections who are often neglected by the community based approach.

BMI works in difficult areas that are further away from densely populated towns.  During the floods of 2011 in Sri Lanka, in some areas they had to visit their clients by boat.

BMI works closely with Berendina Development Services in creating livelihood opportunities, health, sanitation and other areas.

They work with 280 private sector companies to create employment opportunities for the youth.

BMI has also been an innovator in several areas and has pioneered interesting approaches such as ‘enterprise and technical training’ for clients who take the enterprise loan.

The launch in Sri Lanka is an important step forward. We have survived the tough microfinance crisis in India and were able to successfully return 100% of the money loaned by lenders.

We are back on our feet now  and we  plan to grow UnitedProsperity.org with your continued support. Let us start by lending one loan guarantee at a time.

Upcoming launch in Sri Lanka

7 May

We are pleased to announce that we have started putting together the paperwork  for the launch in Sri Lanka. While the structure of the agreement with the bank is in place, there are still some clarifications needed on specific documentation requirements.

We will be updating the blog on the progress over the next few weeks. Thanks again for your patience and we look forward to  have entrepreneurs online soon.

Loan processing delays

17 Oct

In my last post, I had written that the loan to BMI had been approved. However there have been some unanticipated delays in getting the legal agreement finalized. We are expecting to hear from the bank over the next 10 days. Hopefully we will start seeing progress soon.

Thanks for your patience.