The Pakistani nation possesses tremendous talent as our common people are blessed with great intelligence and vision to achieve socio-economic success. However, the true potential of many hard-working people remains largely untapped, because they do not have enough resources or financial capacity, to turn their ideas into profitable ventures and achieve prosperity. Therefore, Pakistan needs more institutions that can offer affordable financial assistance for nurturing talented individuals and managing Small and Medium Enterprises.
Here we will discuss the story of one exemplary young man – Muhammad Umair, who had acquired extensive knowledge and skill-set, to operate an electric-fans manufacturing business in Pakistan. Today, with his hard work and commitment, this 30-year-old entrepreneur owns and manages a progressive factory, located near Arupe Mor, Gujranwala. This venture generates over 500,000 (Half a million) Rupees of monthly income for Umair, his beloved wife, and three children, while also providing a respectable livelihood for its 10 employees.
Surely, Umair had nurtured and evolved his fan-production business. However, over the past two years, the global Covid-19 pandemic had a debilitating impact on his business and he experienced a severe financial crunch, due to uncertainty and low productivity caused by the prolonged urban lockdowns. Fierce competition in the industry and a shortage of human resources had also made the situation worse.
Rising inflation led to a sharp increase in the prices of its raw materials like; copper & plastic. So, his business was struggling to purchase raw materials. Umair needed to adopt an innovative strategy, to overcome the huge challenges and build his financial strength to operate more effectively and gain a competitive advantage.
Fortunately, in that critical phase, the Marketing Officer of Khushhali Microfinance Bank Limited – Mr. Zaeem Iqbal met Umair at the Fan-factory. That’s when a detailed introduction of KMBL and its new product – ‘Khushhali Karobar’ convinced Umair, about the advantages of taking a ‘Khushhali Karobar’ financing facility, which is customized to empower the SME sector.
A few days later, Umair visited the newly inaugurated branch specializing in the Khushhali Karobar products. Inspired by the courteous staff, high standards, and operational environment of the bank, Umair applied for a working capital loan from KMBL, amounting to Three million Rupees. This loan is offered to eligible customers at an attractive and affordable mark-up rate. After his visit to the branch, the Regional Officer of KMBL came to Umair’s office for some verifications and financial analysis. Soon, a loan of 3 million Rupees was granted, for building the capacity of his fan-production business.
Expressing his delight in the great services of KMBL, Umair stated that: “Khushhali Microfinance Bank is among the most resourceful institutions, playing a pivotal role in promoting small and medium entrepreneurship in Pakistan. Its Khushhali Karobar initiative provides convenient access to working capital for entrepreneurs, to help them expand their scale and enhance their profitability. In the future, I plan to use this financial freedom to expand my business with an innovative range of ceiling fans, featuring remote-control technology. I also intend to produce other home appliances and electronic products.”
From that day onwards, no financial issues have perturbed Umair, as he is able to purchase the raw materials easily while taking many other progressive measures too. KMBL has enabled him to increase his productivity and meet the growing demand for Fans in the market. Thus, consistent cash flows have elevated the quality of life for Umair and his family. KMBL remains committed to ensuring the prosperity of its thousands of customers. Such high-quality banking services are promising to be a game-changer, to lead Pakistan’s large segment of talented entrepreneurs, toward sustainable socio-economic growth.