Frequently Asked Questions

FAQ: FAQ

Is NILIMA FOUNDATION a Registered Organization ?

Yes. NILIMA FOUNDATION is Registered in the year of 2021 under Indian Government Company Act 2013, Corporate Identification No. U85300WB2021NPL25047, with registrar office in Kolkata,INDIA.

Is NILIMA FOUNDATION a Non-Profit Organization ?

Yes. NILIMA FOUNDATION is registered as Section-8 NGO Non-Profit Organization

Is NILIMA FOUNDATION a Chit Fund Organization ?

No, it is not.

How NILIMA FOUNDATION is different from other NGOs ?

NILIMA FOUNDATION , with its partner NGOs and social workers , provides refundable seed money to the poor (particularly women) and guides them to invest it in income generating activities and make them self-sustaining.

Does NILIMA FOUNDATION charge any interest on its seed money ?

Foundation does not charge any interest on its refundable seed money if the project implementation unit (the local NGO - Foundation's partner) takes the responsibility to collect the refund installemts from the beneficiaries. Otherwise foundation recovers a small cost on its refundable seed money as admin/service cost. Being registered as Section-8 Non-profit NGO, all the recovered admin/service cost gets reinvested within the foundation.

Why NILIMA FOUNDATION charges admin/service cost on seed money ?

Foundation employs one local unemployed person for the coordinations with the beneficiaries & to collect the refund installments from them.If we don't recover this admin/service cost then NILIMA FOUNDATION will be closed. We don't want it, we want to grow and help more poor. A part of admin/service cost is also spent on NILIMA FOUNDATION's digital media (internet,wensite,facebook,advertisement,printing). As a Government Registered Section 8 company, the directors of NILIMA FOUNDATION are not paid a single rupee.

Who can apply for the refundable seed money ?

Any local individual or a group who wants to start an income generating business to become self-sustaining.The plan must be examined and endorsed by our partner NGO or Social Organization and must be approved by the board of directors of the foundation, subject to the availability of the fund.

What is the size of the refundable seed money ?

It ranges from Rs 1,000 to Rs 10,000. It depends on the business plan submitted, earning

from business plan, fund availability & borrower's financial health.

What is the refundable policy and plan ?

We have multiple soft termed plans for each type of business. For example, we have four soft terms for the refundable seed money for our flagship tailoring project - Plan-T8(8 months), Plan-T12A(12 months), Plan-T12B(12 months) and Plan-T16(16 months).

Have more questions ?

Please Email Us : info@nilimafoundation.org