Funding to support Tibetan summer businesses has been announced by the Social and Resource Development (SARD) Fund of the Central Tibetan Administration’s (CTA) Department of Finance who launched their new Summer Livelihood Support Programme (SLSP) for 2019 on January 11.Through SLSP,the CTA will provide Tibetan summer businesses loans of INR 2 lakh( US$1,400 / £1,000)each at a minimal 3% interest rate.
“The Summer Livelihood Support Programme is to support the community members whose major business activity is in summer season. The size and number of the summer businesses are smaller than the winter sweater sellers, but the summer business segment is more organised,” said SARD.
SARD has selected 13 of the 35 well established summer retail markets for this year’s SLSP. A total of INR 12 crore (120 million) (US$1.7 million / £1.3 million) will be disbursed through the programme, allowing approximately 600 shopkeepers to access finance. The programme will be implemented from February and loans are to be repaid until July 2019.
President Dr Lobsang Sangay unveils the certificate of Gangjong Development Finance Private Limited provided by RBI Photo: Passang Dhondup/CTA
The previous Livelihood Support Programme was successful with a 100% loan repayment rate in 2017 and 2018. Finance Kalon (Minister) Karma Yeshi said he hopes that amounts disbursed this year too, will be repaid in full and on time.
Unveiling the programme at the Kashag Secreteriat, President Lobsang Sangay announced that the Gang-jong Development Finance Pvt Limited received its licence from the Reserve Bank of India (RBI) on December 13. TibFin – as it is named – is now a legitimate Non-Banking Financial Company which will enable financial inclusion for Tibetans.
The summer business loans programme is funded by USAID and implemented in association with the Tibet Fund.
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