Elizabeth Duadu and Ema Okyere
Elizabeth Duadu
Hi there! My name is Elizabeth Duadu from Adomorebe of the Aburi area in the Eastern Region. I heard about the Royal Black Queens Micro Credit facility from a friend about eight months ago. At the time, I had just relocated to the area from Tarkoradi where I had gone bankrupt as a result of numerous business failures. Not only had I struggled with a means to raise capital to expand my 10 year old “chop bar”, but I also had so much debt to clear that, I actually ended up selling out all the tools I used for my food retail outlet; just so I could pay off my debts. I later moved on to start a new life in Adomorebe. Unfortunately, life wasn’t any easier there. I didn’t have any capital to begin a new business with and my four children suffered the most from my misfortunes. It was difficult to pay their school fees or even provide for their feeding. I was desperate and often prayed to God to help me restart a business that would be profitable and enable me take care of my family.
After a series of meetings with the Royal Black Queens Financial Services team, I was granted a loan of GHC 400 with which to begin my business with. Today, Six months down the line and with the help of cluster members and business training sessions received from the RBQFS, my new chop bar has grown from grassroots and is doing really well. I was very easily able to pay off the loan I took from the Royal Black Queens, and still have enough savings with the Institution as well as with other private banks. I feel really secure and hopeful about the future because I know that with the help of RBQS, my business will continue to flourish.
Ema Okyere
My name is Ema Okyere, and I am a mother of a three year old daughter and I live with my husband in the Odea-Yaw vicinity within Nsawam. I retail out second hand clothing, a business I run from my family home. Last November, I had run this business for two years, and it was really tough to raise the amounts I needed to expand my business. As a result, I was unable to grow my profits. My financial base was really low and I needed a financial break badly to enable me keep trading. Even though I had applied for micro loans from other financial institutions and banks; their processes were always so cumbersome and unreliable; from tedious registration processes to long selection procedures that were never transparent. Many of us had to even pay bribes to bank officials before our applications were reviewed. Then also harsh bank policies, such as high interest rates, inaccessible collateral claims as well as very short pay back periods allowed, made it even more difficult to source for business funding.
And that’s when I was introduced to the Royal Black Queens’ loans facility. One month into applying for a loan of Ghc 500, it was reviewed and proceeded in a very speedy manner enabling me invest the amount ,in the neck of time, just before the Christmas shopping season when most retail businesses sell out the most. I was very happy and grateful to have “goods in stock” just when I needed them. Today my business is doing much better. From retailing one or two bales of clothing per month, I am moving towards almost selling five bales of second hand clothing per month, thanks to the RBQ’s loan facility. My dream for the near future is to own a store in the market area and whole sell cloths to local retailers. Also, I hope the facility continues to assist women like myself fund our small scale businesses until we can be independent of all financial assistance. Thank you once again.