tEA gives away interest-free loan to street vendors

As part of its mission to uplift the women street vendors, The Entrepreneur Associates (tEA) gave away interest-free loan to 16 street vendors during a programme held in Kohima

KOHIMA — As part of its mission to uplift the women street vendors, The Entrepreneur Associates (tEA) gave away interest-free loan to 16 street vendors during a programme held in Kohima on Monday.

Speaking on the significance to uplift the women street vendors, tEA head of communications, Neikule Doulo, said the organisation decided to focus on women street vendors in order to improve their financial situation since 2018. She believed that when women excel in business, they would take it to the next level.

Lonyi, a street vendor in BOC area, heaped praises on tEA for helping her improve her financial status by teaching her how to save the earnings and give back the loans. She has been in the street vending profession since she was young but with no savings and had not planned for one as she was unaware of it. Her husband passed away leaving her and three children.

After joining tEA in 2018, she was told about the idea of saving her earnings which she started. She also took loan on several occasions with less interest which helped in supporting her children’s education.

The chief executive officer of tEA, Neichute Doulo, emphasised on the importance of saving one’s earnings. He said they have to pay themselves first by way of saving and investing because nobody would pay for their wages.

He pointed out that politeness and patience are the keys to be a successful entrepreneur and encouraged them to adopt such traits.

“As an entrepreneur, one should be disciplined and maintain routine in their work. They should not open their shops as and when they like,” he said and also cautioned them from engaging on phones and playing games when customers are around.

Chunjanglu Gracy, operations supervisor of Eatacol, informed that the zero-interest loan to uplift women street vendors was started during the Covid-19 pandemic when women were affected and were not able to re-start their business. Of the 16 persons, some received INR 10,000 while some received INR 20,000.

During the programme, specialised accelerated intensive learning (SAIL) was also launched where 30 street vendors and entrepreneurs were selected to be trained on the usage of mobile technologies to enhance their business.

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