This is 44-year-old Senziwe from Bulawayo. She is married with four children, who all go to school. Senziwe runs a retail business selling clothes and footwear for men, women and children, and blankets and comforters. She buys her stock abroad where items cost between $1 and $20, and she sells them for between $5 and $60. The business has been in operation for one and a half years.
Senziwe says the main challenges that she faces are the lack of working capital to boost her business, as well as competition from bigger retailers. She has requested a loan of USD 500 to restock, and change some seasonal stock to winter items. She says the extra income generated as a result of this loan will allow her to supplement her household income, as well as meet other expenses and to boost business capacity.
In the future, Senziwe plans to have a clothing boutique in the central business district, and to have more stalls in the flea market.
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.
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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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Success!! The loan was 100% repaid