By Alka Subramanian | Executive Director
We are proud of the 550 women enrolled in our micro loans program. Most faced challenges such as, high prices for raw materials, and COVID restrictions that made it difficult for them to keep their businesses afloat and profitable. During COVID, the women devised ways to keep their businesses running and pay for school expenses for their children. Given below are stories of two women who are our role models.
Amy (name changed), age 47, is the sole caregiver for her family of seven. In 2019, when she joined our micro loans program, she had no source of income and was having a hard time caring for her family. Post enrollment, she received business training, and her first loan. She used loan funds to buy used clothing in bulk and sell these at a higher price. Amy, a natural at spotting business opportunities, increased her capital and inventory within a few months. After successful repayment of her second loan, she started selling blankets during the cold season. Earnings from her businesses help pay for food, rent, and school expenses. Her strategy of adding a higher value item such as blankets, paid off and she is planning to add another store soon.Currently, she is on track with repayments on her third loan. We are confident that she will continue to grow her business even after graduating the program. In her words, “because of her business she can smile as she can pay for her family’s expenses”. Amy’s business skills and acumen helped her business grow despite COVID restrictions. She has been saving a small amount regularly and purchased building material to build a new home. She is a role model.
Stephanie’s (name changed) job as a housecleaner did not provide her with enough funds to pay for rent and utility bills. She is the sole caregiver for her five children (ages 12-22 years) and was looking for ideas to increase her income when she was introduced to Power of Love’s micro loans program. In 2019, she received business training and loan funds which she used to start a vegetable stand with tomatoes, carrots, and onions, essential ingredients in Zambian cuisine. Her vegetable stand located in one of the busy marketplaces in the community of Matero in Lusaka, Zambia provides fresh groceries to several homes in the neighborhood. Earnings from her business enable her to pay for food, clothes, and education for her family. Stephanie has repaid her first two loans and is on track with repayments on her third loan. She feels empowered as she is not dependent on others. In Stephanie’s words, “micro finance is a fantastic program providing accessible financial support for women, this has really changed my life. Now I can stand strong and proud because of the help I have received from the center”.
Thanks for giving the opportunity entrepreneurship to vulnerable women.
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