Diversify to broaden sources of Income
Alice Simwanza resides in Kalikiliki compound in Lusaka with her husband and six children. Over twenty years ago, Alice and husband were constantly faced with financial challenges. Back then, Alice’s husband was not in full time employment and therefore, could not constantly provide for home needs.
Hence, Alice opted to start selling vegetables and dry relish on a stall along the road in Kalikiliki compound so that she could help her husband in providing for home needs. “For the past 20 years, I have been selling vegetables and dry relish on this stall and this same business, has feed us; clothed us; built us a 3 roomed house where we currently live and it is educating our children,” she said.
However, Alice narrates due to the huge costs incurred when building the house, her business capital and profits subsequently were negatively affected to a point where the business almost collapsed. Fortunately however, Alice has always known the existence of FINCA and it was not until January, 2014, that Alice started working with FINCA in order to boost up her capital and prevent her business from collapsing.
Other than accessing FINCA loans, Alice also received training on how to manage her business and finances. During the training, Alice came realize the need and importance of diversification in order to have a wider source of income. With the newly acquired knowledge, not only did Alice use the FINCA loan to save her vegetable business, but she used part of it to establish another business, a grocery shop located right behind her vegetable stall.
Alice says her vegetable business is on a path to recovery and confident of a brighter future. Alice plans to use her subsequent FINCA loans to broaden her sources of income even further by diversifying into the transport sector.