After moving to the U.S. from Egypt with his wife Magda, Maged pursued his lifelong fascination with gems and precious metals by opening up a jewelry store in the Bronx. He eventually moved his store to a more profitable location in Elmhurst, a location that sees heavier foot traffic.
In addition to this newer, more profitable location, Maged has worked over time with Accion East and Online to formalize his business by depositing more of his cash and improving his credit after a particularly difficult bankruptcy during the financial crisis. Now Maged is able to support himself and his wife, as well as occasionally send money back to his family in Cairo.
Maged has years of experience working with jewelry, and now buys, sells, and repairs all kinds in his store. While he purchases some merchandise wholesale, his most profitable activity is purchasing jewelry and reselling it.
This loan will help Maged acquire working capital. While his sales are strong he says he would like more working capital to purchase inventory in light of changing fashion trends as we enter the summer season. He personally hopes to be able to spend more time with his family in the future, as well as make some renovations to his store to make it more appealing to customers.