William's story: loans spark three businesses
Growing Kenya's economy
Given the opportunity to pursue his business dreams, William Nzomo has done so with great vigor. He has used a series of loans to establish three businesses and grow the local economy in his Kenyan community.
First loan: goats
William, 44, is a member of a loan group, and at group meetings his laughter and enthusiasm for enterprise are contagious. William used his first loan of $188 to buy five goats. Soon, he had 20 goats.
Second loan: grain
He paid off the loan after selling some goats, and took a second loan to start buying and selling grain. Sales rapidly grew, but he was not satisfied. "I was itching to start something new," he explains. "Something valuable not just to me but to all around me."
Third loan: grain mill
With a third loan of $500, plus profits from goat and grain sales, William bought a grain mill that is used by many in his community. His family of five has expanded to include an orphan, and lives comfortably off income from the three businesses. He next plans to purchase a truck to transport grain to distant markets.
Making poverty a memory
"You people are out to reduce poverty in this area," William tells a microfinance loan officer. "I am happy because, with you around, poverty will soon be a distant memory."
In Kenya, William Nzomo (shown with his wife) built a grain and goat husbandry business with the help of small loans.
