Mduduzi runs a retail business selling footwear and clothes. The business has been in operation for almost 10 years. He says the main challenges he faces are competition from bigger retailers who offer longer credit terms and also high import duties when bringing goods from outside the country.
Mduduzi has requested a loan of $500 to order a variety of stock of clothes and footwear items. He says the extra income generated as a result of this loan will allow him more disposable income to buy food and pay rent and fees for the child in school.
In the future Mduduzi plans open more stalls around town and a clothes boutique.
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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Success!! The loan was 100% repaid