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Shimeles is from Ethiopia. He has 2 children. He needs a loan of $575 to restock his store.
Shimeles runs a store selling building construction materials for a living to support his family. Though there is a high demand for construction materials, economic conditions make it difficult for Shimeles to keep his store stocked for his clients.
With a loan from World Vision Shimeles will be able to buy more construction materials to restock his store. In addition to satisfying his customers, Shimeles will be able to better provide for his family and hopes to keep his business growing with the generated income. His future ambition is to own a larger store and to hire an assistant to help him with his business.
Retail is a quick and scalable way to begin earning a profit. Many entrepreneurs begin with stalls at markets or even at home and need a loan to expand or increase their inventory. Others may be ready to open a small store. Goods purchased from loan funds range from clothing, grocery or sundry items to jewelry, candy, perfume or health and beauty supplies. Loans in the commerce sector account for around 33% of our loans.
There is no community update available at this time.
While Shimeles Assefa initially invested his business loan into purchasing inventory for his construction supply store, he has struggled to repay his loan. Although we continued to work with Shimeles to help him reestablish his business, we regret to report he has now defaulted on his loan.
Shimeles prays he will someday be able to restart his business so he can better provide for his family. Shimeles would like to sincerely thank all the donors who partnered with him. Please pray for Shimeles and his family during this difficult time.
Despite the fact that World Vision boasts a repayment rate greater than 98%, there will always be some loans that do not get fully repaid. While World Vision does everything it can to ensure that this does not happen, it is an unfortunate reality that must be recognized when providing loans to less fortunate populations.
Thank you for your understanding, and your support of World Vision Micro. If you have any questions or concerns, please feel free to call our Customer Care line at 1-888-511-6444.