“SKS believes that access to basic financial services can significantly increase economic opportunities for poor families and in turn help improve their lives. Since inception, SKS has delivered a full portfolio of microfinance to the poor in India and we are proud of our current outreach. As a leader in technological innovation and operational excellence, SKS is excited about setting the course for the industry over the next five years and is striving to reach our goal of 5,000,000 members by 2010.”
– SKS Founder and CEO, Vikram Akula
SKS Microfinance empowers the poor to become economically self-reliant by providing financial services in a sustainable manner.
Launched in 1998, SKS Microfinance is one of the fastest growing microfinance organizations in the world, having provided over $400 million (Rs 1600 crores) and has maintained loans outstanding of $170 million (660 crores) in loans to over 1,300,000 women members in poor regions of India. Borrowers take loans for a range of income-generating activities, including livestock, agriculture, trade (such as vegetable vending), production (from basket weaving to pottery) and new age businesses (Beauty Parlor to photography). SKS also offers interest-free loans for emergencies as well as life insurance to its members. Its NGO wing SKS foundation runs the Ultra Poor Program.
SKS currently has 601 microfinance branches in 15 states across India. SKS aims to reach 5,000,000 members by 2010. In the last year alone, SKS Microfinance has achieved nearly 170 % growth, with 99% on-time repayment rate.