Ms. Delia
Grameen America, Inc., U.S.A.
Bypassing Moneylenders to Grow an Ice Cream Business
Delia is happy now to run her business and save the earnings she would otherwise had given to the money lender. This allows her to send more money to her children in Ecuador.
Delia worked in a factory for many years until a friend suggested her to start her own business. Being inspired by her friend's suggestion, she started an ice cream business in Queens, New York City. In order to start her business, she borrowed money from the local moneylenders at an interest rate of 3% per month. Delia used this money to buy an ice cream push-cart with which she started her ice-cream business.
Delia came to know about the financial services of Grameen America, Inc. in summer of 2008. To know about the services of GAI in details she attended a center meeting with one of her friends. Knowing about the program, she became very interested to join it. She joined her friend's group because they were in short of one member. Everyone in the group agreed that Delia can become the fifth member to complete the group. Delia received five days of training and was duly admitted as a member by the General Manager of Grameen America, Inc.
Delia received her first loan of US$ 2,000 to purchase a large freezer, ice cream and supplies. She paid an installment of US$ 44 every week. After six months of diligent repayment and Center Meeting attendance, Delia was eligible to apply for a loan advance of $1,100 on her one year loan term. This allowed her to renew the permit for her ice cream push-cart. She is earning profit from this business. But she can run this business only in summer, as the chilly weather in winter poses difficulty for her to sell ice-cream in a push-cart. To avoid this problem, she has a plan to start another business with the second loan that she will receive in August 2009.