Mercy Foundation Funds Microloan
Microloan of $550 Goes a Long WayThe Mercy Foundation funded a microfinance loan to Mashudi, a food vendor in Kenya. Mashudi is a married and has three school-aged children. She owns a house that has neither electricity nor piped water. Her greatest monthly expenses are food and transportation costs. For the past three years, she has operated a cereals shop business, selling to her neighbors and passersby. She mentioned seasonality and competition as major challenges in her business. So Mashudi dreams of establishing a wholesale shop in the future. With the KES 50,000, she wants to purchase maize flour, rice, beans, and cooking fat oil. Therefore, she decided to join Yehu to access loans to boost her business. Having a larger inventory can help Mashudi sell more product, acquire more customers, and make more money. So, this microloan could be extremely helpful to her business. This is especially true considering the average annual income in Kenya is just $1,800. One day, Mashudi wants her business to be completely financially independent. It is not there yet, but this microloan could help it to get one significant step closer to reaching this goal.
Microloan PartnerThe field partner for this microloan is the Yehu Microfinance Trust. The Yehu Microfinance Trust was founded in 1998 as a project of CHOICE Humanitarian Kenya. In July 2007, Yehu separated 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, the Mercy Foundation successfully funded this microloan to Mashudi! This is excellent news for her, her family, and all of the people who purchase items from her business. With the microloan, Mashudi will be able to purchase the supplies that she needs to improve her business. Even though it funded this microloan to Mashudi, the Mercy Foundation will not be collecting any interest from her. The microloan is not a profit making venture. It is only a humanitarian offering to help an entrepreneur in need. In conclusion, there are still many entrepreneurs around the world who need access to capital. If you would like to fund a microloan to an entrepreneur in need, please feel free to visit kiva.org today! Even small amounts can help a great deal. Mashudi, Yehu, Kiva and the Mercy Foundation appreciate any assistance. Notes
- This article is based on https://www.kiva.org/lend/835178.