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.
This story is from the August - September 2023 edition of Forbes Africa.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August - September 2023 edition of Forbes Africa.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
TRACK, WATCH, BEFRIEND
IN THE PRISTINE WILDERNESS OF GABON ARE THE MAJESTIC AND GENTLE WESTERN LOWLAND GORILLAS. A FIRSTHAND REPORT FROM OUR TRAVEL WRITER ON WHAT GOES INTO HABITUATING THEM.
CHALLENGING BUT NECESSARY: THE AI BALANCING PROBLEM
Artificial intelligence (AI) continues transforming many industries, providing unprecedented opportunities for innovation and efficiency. However, these advancements bring complex challenges that necessitate a delicate balancing act.
BEYOND ACADEMIA: THE SOCIETAL IMPACT OF MULTILATERAL EDUCATIONAL COLLABORATIONS
The great poet William Butler Yeats once said, \"Education is not the filling of a pail, but the lighting of a fire.\"
The Business Of Dance: Embracing One's Individuality And Style
In the dynamic world of street dance, passion and perseverance pave the way for success. Living out this ethos is South African born B-girl turned businesswoman, Courtnaé Paul.
COMPASSION FATIGUE: THE DANGEROUS DESCENT FROM HELPING TO HURTING
It is a workplace reality that caring too much for your colleagues can hurt you.
IT HAS NEVER BEEN MORE CRITICAL TO FIND OUR NICHE
Have you found your niche? I received a lot of advice when I set up my company, but perhaps the most important consisted of just three words: Find Your Niche.
HOW TO MAKE AFRICA WIN OFF THE FIELD TOO
When all else fails, try sports. It's good for the soul.
BEAN THERE, DONE THAT
British author Roald Dahl tapped into every chocoholic's imagination when creating Willy Wonka's bizarre chocolate factory in his 1964 children's novel Charlie and the Chocolate Factory.
IT DOESN'T GET ANY BETTER THAN WORKING WITH AL PACINO ON BROADWAY'
Arnold Vosloo Actor
BLENDED FINANCE: BRIDGING THE GAP IN EMERGING MARKETS IN SUPPORT OF THE SDGS
Amid the widespread global support for the United Nations' Sustainable Development Goals (SDGs), there was an underlying concern among economists and financial advisors in the emerging and frontier markets: public sector and donor funds were stalled, if not regressing, and the funding gap to realize the SDGs was increasing.
