Tungamirai Justine runs a retail business selling electrical goods. The business has been in operation for over 8 years. He says the main challenges faced are high import duty costs and competition form larger retailers who offer credit facilities over longer repayment periods. Justine has requested a loan of $500 to stock and fulfill his outstanding orders. He says the extra income generated as a result of this loan will allow him to supplement their household income, as well as other expenses and boost business capacity. In the future Tungamirai Justine plans to have his own electrical gadgets shop selling a variety of goods within the CBD. He also intends to diversify into the clothing business.
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