Sipho runs a retail business in town. She sells footwear and clothing items for children and adults. The business has been in operation for over four years. She says the main challenges she faces are competition from bigger retailers, lack of capital and high import duties.
Sipho has requested a loan of $500 to buy shoes and clothes for resale. She says the extra income generated as a result of this loan will allow her to supplement her spouse's income and enable her to buy food and pay rent and school fees for the children in school.
In the future Sipho plans to open a clothes boutique and other stalls around town.
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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