We were pleased to be able to help fund loans to three different businesses this month. The three businesses are very diverse; a sewing business in Vietnam, a business making machine parts in Pakistan, and a potato business in Malawi. The shortest loan is for just 4 months, and the longest runs for two years.
At one of our meetings each month we invite those present to make a small donation – usually a pound or two – which we then add to a fund with which we make loans to third-world entrepreneurs through LendWithCare.
Progress Mgudugudu: Malawi
We provided £30 towards a total loan of £685.56 which is due to be repaid over 4 months.
The Progress Mgudugudu group consists of 9 members. All are married except for 1 who is widowed and they have children who rely upon them. They run various small businesses to earn a living and sustain their lives. Lukena is one member of the group and is aged 33. She is married with 6 children. Lukena sells potatoes. She requires the loan to buy more potatoes to boost her business. She started the business to be self reliant and support her family. She currently has 2 employees working in the business and she has been running the business for 3 years. Her goal is to grow and expand her business.
Kamran Ali: Pakistan
Kamran Ali has a business making machine parts. He has his own lathe and other equipment in his workshop. Kamran Sahib earns around £130 per month from his business. He is married with four sons and a daughter, all of the children are in school. He requested a loan from our local microfinance partner, Akhuwat, in order to purchase steel to work with.
We provided £30 towards a total loan of £212.98 to be repaid over 17 months.
Nguyen thi ngoc Thu: Vietnam
We provided £30 towards a total loan of £737.46 to be repaid over 2 years.
Mrs. Thu is 34, married and has two school aged children. Her husband is a self employed driver and she runs her own sewing business.
She has established a workplace at home and has equipped it with machinery and tools for producing clothes.
The loan that Mrs. Thu has applied for will be used to invest in her business. She needs capital to buy larger amounts of cloth and hire an assistant to help her meet the extra demand for her clothes.