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From Microcredit to Small Entrepreneur Loan

Confident of future

Manik Chowdhury
Most of the southern districts of the country were devastated by Sidr in November last year. One year on after the devastating cyclone many of the surviving victims have overcome the impact with this or that help or support and their perseverance. In this resilient people’s pursuit to recovery, microcredit, already a proven tool of poverty alleviation, has played a successful supportive role. One year on many have already recovered, many are still recovering, and many are even advancing further after recovery. Here is a case study.
Resident of Amtala Road under Barguna Sadar upazila Faruk Sikder and his wife Parvin Akter own eight cows. Everyday they milch most of them (cows) for a considerable quantity of milk, sell it and earn profit, with which they meet the cattle rearing and household expenses, repay regular loan installments, and save whatever remained.
A few years back Faruk Sikder took Taka 80,000 small entrepreneur loan from ASA Barguna-1 and started this cow rearing project. In a couple of years they started to see profit and after another year, to dream of a prosperous future. But that was perhaps not ordained to continue
uninterrupted. Devastating cyclone Sidr razed Barguna and other coastal districts to the peril of the inhabitants. Although Faruk Sikder's establishment was not blown or washed away like many others, but it also sustained considerable damage.
However, the people of these areas are very resilient and industrious. One year on from Sidr many have already overcome the destruction and many are in the process of recovering. Faruk Sikder and wife Parvin Akter are among them. And it may be mentioned here that in consideration of Sidr devastation, ASA suspended its loan recovery installations in the affected areas and offered fresh Ioans to the members to help them continue their occupation and overcome the impact. Later on the repayment installments were also relaxed to the convenience of the loanee. This enabled many of the members to improve, even extend where possible their work and trade, replenish the damaged homestead, continue children's education as well as repay installments at their convenience.
Like many others, Faruk Sikder and Parvin Akter also have been able to pick up the severed thread of their drcam. They have rebuilt their damaged house, set up sanitary slab latrine, their eldest son is reading in class VIII, the younger one in class V while the five
months old youngest is one in the waiting for schooling. Faruk Sikder and Parvin Akter arc desirous of giving their children higher education. And all this with the income from their cow rearing.
In fact, the enterprise began with Parvin Akter a decade ago, when she became a member of ASA Barguna-1 and took a microcredit of Tk 3000/-. Initially she opened a grocer's shop. Through regular payment of installments she repaid the earlier loan every year and took enhanced credit to improve and expand the business. In the process when she repaid enhanced credit amount of Tk 24000/-she was graduated by ASA for small entrepreneur loan. And at this point her husband Faruk Sikder, who was always
with his wife in the enterprise, came to shoulder the enhanced responsibility. And with Tk 80,000/- small entrepreneur's loan they took up more profitable cow rearing project abandoning grocery.
Now the value of their assets including the cattle stands at about taka eight lakh. After paying regular installments against loan, they can save about Tk 50,000/ - yearly. They dream of becoming totally self-reliant reducing the burden of loan soon. Yes, first micro -credit, then small entrepreneur's loan have not only helped them overcome the devastating Sidr impact but also made them so confident of a bright future.
Manik Chowdhury is a freelance writer