A loan of $550 helped to purchase stock of cosmetics for resale.
I funded a microloan to Binti, a cosmetics shop owner
Binti's story
Binti is a married woman with two children, both of whom attend school. She lives at her own house that has neither electricity nor piped water. Her greatest monthly expenses are food and school fees for the family.
For the past 15 years, she has operated a cosmetics selling shop business, selling at retail to her neighbours and passersby. Her potential customers are neighbours and passersby. She faces a major challenge of the high cost of transportation in her business.
With the loan that she is requesting of KES 50,000, she wants to purchase stock of cosmetics for resale. She decided to join Yehu to access loans to boost her business.
Binti lives and operates her business in the nation of Kenya. In Kenya, the average yearly income is just $1,800. This means that microloans, even of just a few hundred dollars can have a very strong positive impact on the businesses of entrepreneurs like Binti.
Binti’s ultimate goal is to get her business to the point where it is completely financially self-sustaining. It is not there yet, however, this microloan could help Binti get one step closer to reaching her goal.
Microloan Partner
The field partner for this microloan is Yehu Microfinance Trust. Yehu Microfinance Trust was founded in 1998 as a project of CHOICE Humanitarian Kenya. In July 2007, Yehu became a separate entity from CHOICE and was registered as a trust. Since then, Yehu has expanded to cover over half of Kenya’s 13 coastal districts.
With the help of Yehu Microfinance Trust, I successfully funded this microloan to Binti! Now she can purchase the cosmetics that she needs to expand her inventory. Having an increased inventory can help Binti make more sales and grow her business. This microloan is excellent news for Binti, her family, and all of the members of her community who purchase cosmetics from her.
Despite the fact that Binti’s microloan has now been funded, there are still entrepreneurs all over the world who live in underserved nations, and who desperately need access to microfinancing. If you would like to provide a microloan to an entrepreneur in need, please feel free to visit kiva.org!
Even small amounts can go a very long way. Your help will be appreciated and it could help change people’s lives in a very positive way.
Dr. Joseph Johnson and GoodField Investments support disadvantaged entrepreneurs from all over the world with life-changing microloans. To read more similar success stories, visit this website.
Notes
1. The article is based on https://www.kiva.org/lend/833916.
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