There are a number of challenges which normally confronts the ultra-poor such as social insecurity due to lack of adequate income, scarcity of specific location to operate from, shortage of resources, lack of access to finance, etc.
This project aims to address the challenge of access to finance. Implemented by Young Consultants, Better Life Enterprises Development (BLED) brings service providers under an ICT platform, making it easier for end users to avail services, while allowing the providers to enter the formal financial system. The project builds capacity to convert target groups into credible borrowers, and thus facilitate access to formal finance and business growth.
BLED targets MSEs engaged in providing technical and utility services (such as plumbers, electricians, gas technicians, cobblers, locksmiths, etc.), operating in greater Dhaka. BLED introduces an innovative, replicable business model bringing informal service provider sand marginal businesses under one roof and improving access to finance in a sector that has previously been unserved by formal financial institutions. BLED will promote a “group marketing” concept for the target MSEs and will use technology to develop a new service delivery channel. This introduction of this package of services is a first for this segment of business in Bangladesh.
BLED will facilitate access to finance through loans worth BDT 95 million to 475 micro and small entrepreneurs through partnering with the local commercial banks and NBFIs, amongst others.
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