Jharsuguda: Empowering its 3226 members from 63 villages, Subhalaxmi cooperative supported by Vedanta Limited Jharsuguda, initiated its fourth start-up project under its fresh special fund model ‘Udyami Fund’ on 19th April 2017 at Samaleshwari Nagar, Jharsuguda. The start-up which is a puffed rice mill is owned by, Mrs. Jiteshwary Chachan, an active member of Subhalaxmi, who sought for financial aid to support her entrepreneurial dream.
The project which costed around Rs.62000 was aided by Udyami Fund by providing an amount of Rs.53000, which was granted in the form of machineries for ensuring maximum productivity. Under ‘Udyami Fund’ the beneficiary has to pay back the actual loan amount with a marginal interest within fixed tenure. For ease of access, the option of pre-payment is also open for the beneficiaries. The project is expected to gain a minimum profit of Rs. 500 per day, with an average production of 1.5 Quintal daily. The project was sanctioned after critically analyzing the marketing as well as feasibility aspects. The project is expected to have a steady increase in profit making in proportion to the production due to lack of prospective competitors in the region.
Subhalaxmi, with its productive engagements with rural women, successfully identified their aspiration to develop alternative livelihood opportunities. Keeping this in consideration, with Vedanta’s support, Subhalaxmi devised ‘Udyami Fund scheme’ for handholding and financially supporting the wishful entrepreneurs. Under Udyami fund, eligible members were provided with machinery and adequate training which has to be paid back with marginal interest within specific timelines. Adding to financial aids, Subhalaxmi provides training for value added products and marketing in order to attain maximum productivity. Apart from ‘Udyami Fund’ Subhalaxmi has been empowering rural women since last eight years and was lauded with the prestigious Chairman’s CSR award for its commendable initiatives.
The project was kick started with a religious ceremony in which Subhalaxmi board members and Vedanta representatives took part.
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