Bank to support sustainability of micro and small enterprises
Karnataka Vikas Grameen Bank (KVGB), a Dharwad-headquartered regional rural bank, and Selco Solar Light Pvt Ltd, a social enterprise, have signed a memorandum of understanding (MoU) for funding solar lighting and livelihood solutions.

Under the MoU, the bank will finance livelihood solutions that are backed by solar power, to provide a fillip to micro and small entrepreneurs and economically weaker sections, sustainable agriculture and women’s empowerment.

A statement said Selco provides technological interventions, market linkages, banking and financial inclusion support and training for capacity building.

Mohan Hegde, Chief Executive Officer of Selco Solar Light Pvt Ltd, said the company has been providing sustainable lighting solutions for the last 25 years.

It has also proved that livelihood solutions can be powered by sustainable energy, he added.

Sustainable solutions

Many micro enterprises and traditional occupations had collapsed due to dependence on conventional power and shortage of human resources, he said.

Selco has been successful in providing an alternative and sustainable source of energy through technical interventions. A solar-powered potter’s wheel, blowers for blacksmiths, rope-making machines and roti-rolling machines are among the 60 such sustainable solutions that can be taken up, he said.

P Gopi Krishna, Chairman of KVGB, said the bank, among the first to formulate a scheme for financing solar systems, has been extending finance to solar systems since 1994.

He said the MoU was targeted at empowering micro and small entrepreneurs. Conventionally, people only think of solar-powered lighting and water heating solutions, while the application can be wider.

He said solar energy solutions should be used for the sustainable development of society.