Meet Kennedy Macharia, a client at KEEF who has a spare part shop called Kevis Auto Spares along Langata Road in Nairobi, Kenya. Kennedy has been in this business for the last two years, and KEEF has seen Kennedy’s business grow to its current level, with two branches and still hoping to open more shops.
Kennedy’s MYC4 loan of €317 was funded by 26 investors at 9.93% and was paid back in 6 months. His final repayment was on August 21st and Kennedy immediately applied for another loan of €990 which was successfully funded by 25 investors and is just about to be disbursed to him.
We wanted to hear a little more about what Kennedy thinks about MYC4, what he has achieved with the loan, and his future business plans. Here is what he had to say:
How did you hear about MYC4?
I heard about MYC4 from my sister and cousin who both had received loans through MYC4.
What did you use the loan for? And has the loan helped you grow your business?
I bought spare parts to meet my customer’s needs, this has helped me to grow a bigger customer group. With the loan I was also able to open another branch. The spare parts I bought had a very high demand since they are not found in other shops around my area.
Have you been able to hire new employees after you received the loan?
Yes, I have hired one new employee in the shop, and because of the business growth I have also been able to hire house help.
How do you find our interest rates compared to other MFIs in Kenya?
I think the interest rates are good and I liked the loan repayment schedule because I was able to pay my repayments in the middle of the months, which is less chaotic since by that time I usually have cleared my bills.
Did you find any difficulties in repaying your loan?
I didn’t have problems repaying the loan because the demand of my products was high and my business grew hence enough profit to repay my loan.
What are your future business plans?
I want to increase my business by opening more branches and in this way be able to send my kids to good schools.
Do you plan on getting another loan from us? And what would you use it for?
I have already taken a second loan, and I plan to apply for another bigger loan when I have repaid this.
Would you recommend MYC4 to friends and family?
Yes, one of my friends has applied for a loan and hopefully if approved, he is going to open his first loan on MYC4 at the end of this month.
Do you have any additional comments?
I have been very glad to have the opportunity to borrow money though MYC4, because this has given me a new chance to grow my business and have also been able to create employment in the society which is very full filling.