Betty loves fashion. In late 2014, the incredibly energetic, funny and theatrical entrepreneur received a crowdfunded Deki loan of £250. With it she purchased a bundle of clothing that included t-shirts, skirts, and dress shirts. She sorted through the bundle, picking out her favourite items and set up her own clothing stall.
Betty Yona was living in poverty with 5 children. As a refugee living in exile in Palabek Kal she had no access to finance or resources to support her. She was also responsible for caring for her elderly father which was another financial burden on her family. She couldn't afford schooling or regular meals for her children and was fearful for her family's future.
Recently we have received an update from Betty and we're excited to tell you that in just one year Betty has doubled her profit. Talking with Betty she told us that she can now pay for her four youngest children's school fees and will have money left to invest in home improvements.
Have you ever wondered what happens to all those pieces of clothing donated each year to local charity shops? While some clothing stays local and is resold, a considerable amount is shipped abroad, to places like Uganda, where local entrepreneurs buy huge bundles and sell on individual pieces within their community.
By the time Betty sells all of her clothes, she has doubled her capital and is able to invest in more bundles of clothes. Over the course of Betty’s one year loan, she can use her loan capital and some of her profits to reinvest in her business. We calculated that this means her business is profitable enough to cover her family’s monthly costs (around £115) and pay school fees for her 4 youngest children (around £450 for the year). Best of all once Betty has repaid her loan, the capital she has available for her business will be around £750! From one loan of £250, Deki lenders can feel confident that Betty’s life has been changed for ever.
Betty's eldest daughter is now enrolled in university and Betty can even afford to pay for her accommodation. She’s still growing her business and working towards her goals of educating all of her children and building a new house with a nice waterproof iron roof.