In 2005 he incorporated Best Shears Inc. and started distributing shears and scissors to barber shops. Originally the business intended to exclusively distribute shears and scissors made in their Pakistani factory, however, the company has expanded beyond their own factory to include products made in other factories.
In 2010, the business generated $100,000 in sales. For the past two years, Mohammad has been analyzing the possibility of opening a store front. Under his current model, Mohammad’s business is home-based. Having a store front will allow Mohammad to offer a greater selection to his clients as well as be able to sharpen blades on-site, which is a service he would like to provide in the future.
More information about this loan
This loan is part of the Kiva City D.C. initiative in partnership with LEDC (Latino Economic Development Center). Kiva City D.C. is a subset of Kiva City, a program that allows Kiva lenders to make microloans to small businesses in the United States with the help of community organizations and U.S. Field Partners.
About Latino Economic Development Center:Latino Economic Development Center (LEDC) is a community-based nonprofit that equips Latinos and other DC-area residents with the skills and financial tools to create a better future for their families and communities. Participants in our programs learn how to buy and stay in their homes, join with their neighbors to keep their rental housing affordable, and start or expand small businesses.
Kiva lenders’ funds are used to help LEDC support even more small businesses in low- and moderate-income communities in Washington, D.C. The funds are used to ease loan requirements, including decreasing collateral, interest rates and fees associated with loan disbursement. With Kiva capital, LEDC reaches out to borrowers that may not have met all of LEDC’s existing criteria, allowing the organization to grow its lending operations through its new subsidiary the Community Asset Fund for Entrepreneurs.
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