Expanding a Hair Salon
Elham started her hair salon in 2009 with one chair, serving one customer at a time. Her business quickly began to grow, making it increasingly difficult to serve all her clients adequately. She also had to turn customers away – just an extra chair would have been a big help.
Elham then got into contact with the Middle East Micro Credit Company (MEMCC) to finance the necessary investment and in 2010 she got her first loan. MEMCC has a unique expertise in the segment of lending to very small enterprises, which have particular difficulty in gaining access to finance, being often too large for other microfinance institutions and too small for the conventional banking system.
With this loan in the amount of USD 2,100, Elham was able to buy that second chair, upgrade her salon equipment and increase her stock of fine beauty products. She can now serve two customers at the same time and even has an assistant to help out at peak times. Her services are in great demand and the outlook for her business continues to be very good. Elham’s financial situation is stable, and she is even considering expanding her business by opening a second salon.