Bosaso town, located in Puntland, Somalia, is home to Faysal Mire Noor, a determined entrepreneur and the owner of Bushra Clothing Store. For years, Faysal faced significant challenges: limited cash flow, an inability to expand, and fierce competition in the Bosaso market. His vision of growing his business seemed increasingly out of reach.
Everything changed in April 2024 when Faysal secured a $1,500 Murabaha loan from KIMS Microfinance. This financial lifeline served as working capital and marked a turning point for his business.
Faysal struggled to overcome several obstacles, including cash flow limitations and a lack of marketing knowledge, which hindered his ability to stand out in a saturated market. Seasonal challenges and difficulty accessing credit compounded his frustrations. Despite these setbacks, Faysal remained committed to his dream of building a thriving enterprise.
With the $1,500 loan, Faysal was able to address his most pressing needs:
– Expanded Offerings: He introduced new products such as children’s clothing, travel and kids’ bags, and shopping accessories.
– Technology Integration: Investing in equipment like a laptop, CCTV, and advertising tools improved efficiency and customer trust.
– Revenue Growth: Faysal achieved a remarkable 30% increase in revenue within months, along with a significant boost in customer loyalty.
– Community Impact: His business created two new jobs and supported local initiatives that promoted environmental awareness and contributed to the community.
“KIMS Microfinance is the backbone of my business. They believed in me when resources were scarce, enabling me to achieve growth that I once thought was impossible. I am now fully able to support my three children and my elderly parents,” Faysal said.
Although repayment coincided with other financial obligations, KIMS Microfinance worked with Faysal to reschedule payments, ensuring he stayed on track. Through their support, he mastered budgeting, marketing, and resource management—skills that are essential for sustaining his business.
Faysal now envisions introducing electronic products to his store, including mobile accessories, gaming equipment, and smart devices. To realize this ambition, he plans to seek an additional $3,000 loan. His success is a testament to the transformative power of microfinance in empowering small businesses.
KIMS Microfinance