Simon started a retail shop to sell veterinary products and employed one trained person to work as the shop attendant and offer agriculture extension services to the farmers in the area. This idea was triggered by the absence of veterinary shops and extension services in an area whose major domestic and economic practice is farming. The business has been doing well. He is currently carrying out some research in partnership with a local NGO, on the best farming practices in his region.
Simon was introduced to the solar lanterns, which provide safe and bright lighting and come with a mobile charging function, by Brazafric green energy marketing team. Due to the recurring high cost and health risks associated with paraffin, which is the commonly used lighting fuel in the area, he saw an opportunity to increase his sales, and raise the living conditions of people in the community.
Simon appreciates the benefits accruing from the use of solar lanterns, and with the Kiva financing option from Brazafric, he is seeking financing to purchase solar lanterns to stock and sell to the community. He has a good rapport with the farmers around the area and from his assessment, the solar lanterns will sell fast, based on the need for the product and the trust he has gained from the villagers.
More information about this loan
To make repaying loans more convenient for borrowers, Kiva will accept "bullet payments" -- single lump payments -- at the end of loan terms, rather than weekly or monthly payments. This gives BrazAfric the ability to tailor repayment schedules to individual clients.
This Kiva loan will be used to provide borrowers with needed goods or services, as opposed to cash or financial credit.
Important InformationAside from its newly-established Vendor Financing Department, BrazAfric’s core business is not microfinance or finance. Thus, there is some level of additional risk for lenders that does not exist with financial institutions. Kiva’s partnership with the company is unique and unprecedented. For this reason, Kiva has not assigned BrazAfric a risk rating.
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