Women Find Economic Freedom Through Microfinance

     For too long Latifah, a Kenyan cloth merchant saw her slim profits slip away as fast as they came in. Daily expenses quickly ate away at her earnings as she struggled to keep her business afloat and supplement her husband’s meager pension so that they could provide for their five children. She never imagined she would ever be able to save over $1,000 until she learned about an organization in Nairobi that was giving women entrepreneurs micro-loans.

     Latifah’s mother started the business and together mother and daughter have been selling colorful African cloth for many years.  They have a small stall in the marketplace near their village.  Over the past few years the area has become quite popular with tourists going on Safari. In order to compete with other cloth vendors they needed a larger space and more inventory for their business.   To make matters worse, Latifah’s family needs and expenses kept increasing.  

     When she heard about a non-profit organization in Nairobi that was giving small loans to women to start businesses, Latifah thought it was too good to be true, but set out on her own to Nairobi to apply for a loan.  Much to her surprise (and relief) she was granted a $60 loan that she used to purchase cloth in bulk.  This purchase significantly increased her profit margin.  It took only six-months for Latifah to pay back the loan and put $60 in a savings account.

     Over the last two years Latifah has received more small loans and repaid them quickly.  Her life has changed dramatically and her business is flourishing.  Since she started saving, Latifah has bought bedroom furniture and a refrigerator for her home.   Her children are regularly attending school and are doing very well.  The micro loans gave Latifah the freedom to be able to earn her own livelihood and build a future for herself and her family