Yaqoub is a 36-year-old married man who has no children now. He has a small workshop where he makes wooden crafts and decoration pieces. Yaqoub also make chair fillings, as shown in the photo, but it takes a lot of work since he does not have the needed tools for that. So, Yaqoub has applied for this loan so he can buy a new cutting machine and some needed tools for the workshop in order to expand and make more wooden items.
About National Microfinance Bank
Jordan is a small country located in the heart of the Middle East’s Levant region. Regional instability has caused Jordan to be excluded from global investments for decades. Additionally, a lack of natural resources—including water and energy—places tremendous strain on the Jordanian economy, over 80% of which consists of small businesses, largely in the service industry. Despite their importance in the economy, many of these businesses are excluded from the banking sector because of their size. Microfinance institutions like National Microfinance Bank offer them an opportunity to enhance and expand their businesses. NMB also offers its services to other underprivileged peoples in Jordan, providing them with loans to pursue educational goals and improve their homes and livelihoods.