Somaya sells perfumes, shampoo and cosmetics to neighbors, relatives and friends. Her business is going just fine but she dreams of expanding it soon through opening a big shop. To increase her income, Somaya applied for a loan from Kiva partner Al Majmoua, in order to increase her business capital with newly released cosmetics, perfumes and shampoos, suitable for the summer season.
This is Somaya's tenth cycle as an Al Majmoua borrower, with an excellent history of repaying loans. All of her previous loans helped a lot in improving her family's living, she said.
About Al Majmoua – Lebanese Association for DevelopmentThe Lebanese Association for Development – Al Majmoua is Lebanon’s leading microfinance institution and the oldest Kiva partner in Lebanon. Al Majmoua’s vision is to “be the leader in creating an inclusive financial system where all people in Lebanon have access to affordable services.” Given Lebanon's diverse population, Al Majmoua lends to all nationalities, provided legal residency. The strong financial position achieved to date has allowed Al Majmoua to steadily lower its pricing over the years.
Based on the belief that non-financial services play a complementary role in improving the quality of life of the most vulnerable entrepreneurs, Al Majmoua has established a solid Business Development Services program for both borrowers and non-borrowers with a focus on women and youth.
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Success!! The loan was 100% repaid