Fortune runs a retail business selling consumer groceries, which includes drinks, milk, bread, sugar, rice and other items. The business has been in operation for four years. He says the main challenges he faces are lack of working capital to restock.
Fortune has requested a loan of $750 to restock in bulk, thus avoiding constant trips to wholesalers, since he operates far from the town where they are located. He says the extra income generated as a result of this loan will allow him to cover his expenses, both at home and in the business.
In the future, Fortune plans to save enough from the loan profits to enable him to complete the building of his own shop at the business centre.
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.
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