Mercy Foundation Provides Loan
Microfinance Services 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 been working within a barber shop for the past seven years, though this has not been without challenged. 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. Alfayo’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.
Microfinance Services PartnerWith the help of Kiva and the SMEP Microfinance bank, the Mercy Foundation was able to provide all the funding for Alfayo’s $350 loan. These organizations, along with this microfinance bank wish to help others. This is so that they are able to change the lives of thousands of financially underprivileged people by giving them microfinance servicesthat 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 thousands of entrepreneurs that are in need of funding. Notes
- This article is based on https://www.kiva.org/lend/803415