1st Formal Bank Loan from Vijaya Bank to Waste Workers
S3IDF and our partners work with a group of 9 other waste workers running Dry Waste Collection Centres in Bangalore to facilitate the loans they need to open overdraft accounts using waste as collateral. One of our partners, a local social enterprise, provides Vijaya Bank, the channeling institution, with a “comfort letter,” agreeing to purchase the entrepreneur’s waste inventory in case of default. Thanks to the comfort letter and the business mentorship provided by S3IDF staff, the bank extends affordable working capital and term loans to waste entrepreneurs, marking the first-ever formal loan from Vijaya Bank to waste workers
