Mobeena has already taken several small loans and always repaid them on schedule. She's been making steady progress towards her next goal; to expand her daughter-in-law's beauty salon.
Mobeena's daughter-in-law, Shahnaz, runs a small beauty salon service from a room inside her home. She enjoys the work and Mobeena is keen to encourage Shahnaz's independence but they know that her business is badly affected by its current location. They are sure that if Shahnaz could operate her salon in a more professional setting she would increase her client base.
Mobeena plans to take a loan to provide Shahnaz with the financial support she needs to expand her business. Together they have drawn up the business plan and have calculated that with a loan of $1480, she will be able to expand both the salon and the services she offers.
Once they have the loan money, their first step will be to set up a purpose built salon in a better location to increase footfall and customer confidence. Next, they'll buy in replacement materials for services they already offer as well as supplies to support new ventures such as bridal packages and waxing services.
Mobeena has calculated that they will be able to meet monthly loan installments and will repay the full loan, plus interest within $24 months! For the first two years Mobeena estimates that Shahnaz will make a profit of $1653 per year which will increase to $2647 by the third year. Both women have one goal for this extra money; to spend it on Shahnaz's son, Mobeena's grandson, and to make sure he has the very best education that they can provide.