Moshi, TZ – Furaha Group Reapplies for loan from Tupendane – 15 Dec 2020

In 2019 Furaha group received a loan from Tupendane and was able to repay the loan in full in 2020. Looking to expand on their previous success Furaha has reapplied for a 2nd loan.

Previously, Furaha was awarded a loan of 1,400,000 TZS ($608 USD) to farm 3 acres of corn. They farmed and harvested successfully though, due to the coronavirus pandemic were slow to sell until late 2020. However, due to their perseverance, they were able to repay the loan and this enabled them to reapply for a larger loan.

The successful pay off of the loan has given them the opportunity to apply for a 2,000,000 TZS ($870 USD) loan to expand their farming activities. In order to stay in Tupendane’s good graces they have agreed to pay monthly on the loan instead of in bulk at the end after selling corn.

Last year, they were challenged by finding a buyer. They ended up selling their harvest to a trader in Kenya and exported the corn.

However this year they hope to find more stable markets to increase predictability. Regardless, the group has savings of over 9,000,000 TZS ($3,900 USD) in order to repay the loan.