Having your own vehicle can be a great source of income as well as source of transportation. Here are two men who have applied for loans through RED International's partner, Unique Star. *Names changed
Salim* works as a labourer in the fruit and vegetable market, where he gets paid pittance for loading and unloading stuff. This sort of job isn't even a daily wage income, but paid per load. He has got experience in driving a rickshaw. He is one of very few brothers in a large family who works (both parents don't work either) and the family depends on him for income.
There is some funding of Rs. 30,000 but he needs a loan of Rs. 120,000. He will run the rickshaw like a bus service, plying the route between his village and the town of Sheikhupura.
Waseem* works as a rickshaw driver with a rented rickshaw. Currently, he pays Rs. 500 to the owner, everything above that is his income (minus, of course, cost for petrol and minor repairs). He wants to purchase a second-hand rickshaw for Rs. 100,000 to be self-employed and is willing to repay Rs. 8000 per month. He currently runs and will run the rickshaw like a taxi, i.e. hired for individual travel, not running on a prescribed route.
With your help RED International and Unique Star provide loans to small sustainable business ventures like these in Pakistan. Whole families are transformed for the better through this opportunity to develop and escape the poverty cycle.
Here are some more people that together we are in the process of helping.
Gulsher* has run a barber shop for about a year.
The shop's location is in a small plaza in a side corridor. He'd like to move the shop to a front, road-facing location to make it more prominent and attract more customers. The loan amount is Rs. 100,000 and covers the security deposit given to the landlord, paint and other interior work in the shop, as well as some more equipment and consumables.
Sunil* has worked as a home appliance repairer for over 20 years.
Sunil* has never had his own shop, due to lack of funds to get his own tools. A loan over Rs. 100,000 was given to rent a shop in the location where he has worked before and is well-known, which is a major home appliance market in Lahore. The loan amount covers property security as well as tools and material to stock the shop.
We have further people applying to take out a loan. To be approved in principle means their application was accepted generally, but final approval is subject to further information, such as personal credibility, credibility of the guarantor, further details regarding current income, etc. Could you help Riaz* extend his crockery shop and Ikhlaq* start his cosmetics supplies business?
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