Mercy Foundation Funds Microloan
Microloan RecipientThe hub of the Kenyan Coast is Mombasa, and this is where you will find the barber shop of Alfayo. Alfayo is a father who has three children. When asked what his key attributes are, he will quickly say that he is reliable. He has worked in a barber shop for the past seven years, though this has not been without challenges. The largest challenge is the lack of electricity, which sometimes hinders his work. His barber shop mainly caters to men, and it is strategically located within a residential area. He has already grown his business with two previous loans, and he is now looking to get a third loan. He applied for his loans through the SMEP Microfinance bank, and is a customer who pays back as expected. With this, he shall get a hair-cutting machine.
Kiva Microloan PartnerAlfayo’s loan was locally administered by The SMEP Microfinance Bank. This is a Kiva partner and non-governmental organization that is fully committed to alleviating poverty in the country, by ensuring that people are empowered. The organization also helps people work towards self-sustainability of marginalized populations. With the help of Kiva and the SMEP Microfinance Bank, the Mercy Foundation was able to provide all the funding for Alfayo’s loan. These organizations, along with this microfinance bank want to help others. This is so that they are able to change the lives of thousands of financially underprivileged people by giving them access to funds that could help them find a way out of poverty. Rather than just give them money in the form of aid, this method also helps people work towards self-sufficiency. Kiva brings socially responsible enterprises like the Mercy Foundation together, while the SMEP Microfinance Bank ensures that the funds that these individuals provide find their way to the people that need them the most. This formula works well because all the parties involved have the same aim, to ensure that needy entrepreneurs gain access to microfinance services. Alfayo is now on the way to realizing his dream of elevating his standard of living. Should you also like to change someone’s life in the same way, you should pay a visit to www.kiva.org. There, you will find thousands of entrepreneurs that are in need of funding. Notes
- This article based on https://www.kiva.org/lend/803415