‘Canadians for Indians’ Launch A Loan Program

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TORONTO: Canadians for Indians (CFI) is a Toronto-based Group of like-minded people who have the intention and zeal to help Indians in India.

Our goal is Economic Empowerment of marginalized and poor people by providing much needed financial support to start and manage micro businesses.

This Group provides financial interest-free loans of Rs. 1,000 to 5,000 per person. This year many people have lost their jobs. It is very difficult, particularly for poor and marginalized to survive.

Many of such want to do some micro-business to support themselves and their families. CFI grants them interest-free loans.

Firoz Khan, president of CFI, said that there are many who are interested in self-employment like starting small businesses but unfortunately do not have money.

He said that he is aware of PM Rozgar Yojna but said it was not easy to get money from this program. He said that in August this year he and his members thought of starting ‘Rozgar Chain.’

He explains the concept and says that CFI grant loans which are to be repaid in monthly installments of Rs.300. The Loanee repays till the amount granted is fully paid off.

Such money is then given to other needy people. This way a chain is developed. He said this year such loans were given to 12 people, 8 males, and 4 females, and all of them are doing well and repaying regularly.

This year the budget was Rs.50,000 with a goal to help 12 people. Khan said that they are executing this project with local NGOs in India.

Right now the work is done in Mumbai and Vapi (Gujarat). Soon it will be in Olpad of Surat district. He said the plan for the next year was to grant Rs.1,00,000. He added that this year he raised money from family members and friends.