Siddhasiri Souhrada Sah Niyamit actively finances micro-enterprises

Karnataka-based Siddhasiri Souharda Sahakari Niyamit, who has a network of 147 branches across the state, stands out by funding street vendors and small businesses in the state. He is now eyeing a “Multi-State Status” tag from the Central Registrar.

Founded in 2006, the Souharda cooperative has five regional offices in different parts of the state. The cooperative has a business mix of over Rs 2,000 crore and is headed by a strong BJP politician namely Basanagouda Ramanagouda Patil, the city legislator of Bijapur in Karnataka.

Speaking to Indian Cooperative Jyotiba Khandagale, the doctor in charge said: “With the new schemes, we are working hard to meet the financial needs of oppressed people. We have given huge loans to street vendors or people involved in micro-enterprises and you will be surprised to see that they are 100% recovered”.

“Additionally, we are also empowering women and youth with various programs specifically targeting women and aspiring entrepreneurs. We operate several branches wholly owned and managed by women. Over 270 Self Help Groups (SHGs) are associated with the bank and we have sanctioned Rs 1.50 lakh per SHG,” he informed over the phone.

Khandagale further added, “Our company took over the beleaguered Chincholi Sugar Bio Industries last year and we now plan to revive it so that farmers can benefit from it.

The total expenditure to revive the said industries is over Rs 300 crore and we have submitted a proposal to State Bank of India, Canara and Karnataka Bank to take out a loan. Hopefully he will be sanctioned as soon as possible, he stressed.

The Souharda cooperative is also active in CSR activities. By planting trees in the city of Vijayapura, the cooperative has installed about 10 water purification units, with Pradhan Mantri Jan Aushadhi shops providing medicines at the lowest price.

The cooperative also focuses on upgrading technology to compete with other market players. Currently, the cooperative provides NEFT/RTGS and mobile banking services to its customers.

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