Returnable grants: Reimagining credit for a better normal
Padmaja, a 26-year-old beautypreneur, lives with her parents in a rented house in Chikmagalur, Karnataka, where she runs her own beauty parlour. In March 2020, COVID-19 struck a stinging blow to her entire family. Her income fell from Rs 11,600 in March to Rs 5,000 in September 2020. Living in a rented house, and in possession of no other physical collateral, taking a loan from a bank was not a viable option. From a local NGO, she heard about a new financial product
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