Vanilla Rose Group
Ellen operates from a flea-market at Kwekwe, a small town near Gweru. Her flea-market has been in existence since 2003. She mainly specializes in products like shirts, footwear, suits, jeans, t-shirts, dresses and African attire. She has taken a loan of $400 which she used to purchase 20 pairs of footwear, 10 pairs of slippers, tuckies (sports shoes), clothing and cosmetics.
The main challenge she faces is that of high competition and theft by her employees. With a bigger business, she looks forward also to having her own boutique and saloon. She will also be able in a position to purchase household goods, look after her parents, send her children to better schools and improve her family's lifestyle.
About MicroKing FinanceMicroKing's loans are guaranteed against institutional default (failure of MicroKing to repay Kiva lenders if the borrower repays MicroKing) by MicroKing's parent company: Kingdom Financial Holdings Limited.
More About MicroKing
This loan is administered by MicroKing Finance, Kiva’s first partner in Zimbabwe.
MicroKing’s mandate is to provide financial services integrated with advisory services and targeted training to the under-banked but rapidly growing Zimbabwean micro-enterprise sector. The intent is to mobilize the underprivileged as active agents in fighting poverty as well as to accelerate the country’s journey back to economic prosperity where Zimbabwe was once known as the “bread basket of Africa.”
Zimbabwean micro-enterprises are generally run by women and comprise a multitude of business types. Constraints on local production and manufacturing capacity have led to cross-border trading being the most common type of business.
This is a Group Loan
In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.
Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.
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Success!! The loan was 100% repaid