She works in the informal sector and was recently turned down for a loan of $80,000.
Having heard her story, I can’t understand why she was denied the loan. And I think this is indicative of why African entrepreneurs have more advantages than ever.
If you think you’d have taken the same decision as the bank, I need to add a few more details.
Nolwazi might live in one of the poorer areas of South Africa, but she is certainly not poor. She chooses to live there as she can run a thriving backroom rental business.
She started out renting one room from her formal dwelling but now lives in a property where she can rent out 11 units at a time. She also owns a second property which she rents out to students.
Her average backroom income is now approximately $8,000 per month, which is probably substantially more than the bank manager who declined her loan application.
She wanted the loan to build student accommodation on land she already owned next to a major university.
After six weeks of deliberation, the bank turned down her application.
Bu hikaye Forbes Africa dergisinin August - September 2023 sayısından alınmıştır.
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Bu hikaye Forbes Africa dergisinin August - September 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Giriş Yap
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