I just reconnected with Kyle Waney, ’15 who took my Microfinance course in Spring 2014. Kyle has long had a great interest in international business. After graduation he followed up on connections he had made to start work at a family owned carpet manufacturing business headquartered in UAE, the largest carpet manufacturer in the Middle East. He is now in Dubai working directly under the managing director and enjoying the opportunities to travel.
He relayed the following anecdote on the impact of a microfinance program the carpet company operates:
“The company … provides microloans to its laborers and some of the stories are remarkable. About 5 years back, one fork lift driver combined his own savings with a company loan and bought a used truck. He now owns 4 trucks and handles most of our local deliveries. “
Of course, as Kyle knows from his economics major and our microfinance class, anecdotal evidence does not prove a general positive impact of microcredit loans. Sill, such stories of small amounts of capital leading to powerful results show the potential of microfinance. We use them to inspire us to continue to consider how to improve micro-loan structures and the firms and industry that provide them to better serve clients and ensure positive outcomes.
Thanks for the story, Kyle!