The Micro-Finance center will essentially perform banking and lending functions. Micro-Loans will be provided to individuals from the community to start or grow their businesses. This center will apply guidelines and lessons learned from other successful micro-finance organizations like Grameen bank (Bangladesh). Interest generated from the loans will fund additional lending and also fund the overall development activities of the COD.
Social InsurancePeople in the developing and under-developed communities of the world do not typically save money for unforeseen healthcare expenses. They rather depend on the state and charitable organizations for help in an emergency. Private hospitals and healthcare facilities in developing countries like India do not typically provide free or subsidized care. The exception to this rule would be facilities with affiliations to religious or charitable organizations. Patients seeking help at private hospitals typically have to pay in cash. Since most individuals in the developing communities do not have any savings they are relegated to state run hospitals and clinics. Due to the large number of people seeking help from the state run hospitals and clinics, staff members at these facilities are overwhelmed and cannot provide the required level of care. Profugo seeks to provide a possible solution to this problem. A part of the interest generated from the loans can be saved separately to assist individuals in case of emergency. Depending on the success of this venture, funds in this ‘account’ may also be used to subsidize certain expensive procedures. Peer AccountabilityStudies have shown that peer accountability groups have been an effective vehicle to encourage members of the community that are venturing out to start their own micro-enterprises. These accountability groups are also useful for knowledge transfer. Stronger members of the community can reach out and help the weaker ones.
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