Young Bashir Al-Haj of Sana’a, Yemen, worked in a nut shop but wanted to open a small business of his own. As Bashir questioned how to finance his dream, a customer advised him to approach a youth fund for small business ventures at a local microfinance institution.

He approached the Youth Fund at Al Amal Microfinance Bank, which extended him a loan of 200,000 Yemeni riyals (around USD 930). Bashir purchased goods that were in demand in the market, opened a small spice shop, and began to grow his business. Having gained the bank’s confidence after paying back his loan on time, he qualified for another loan of 70,000 riyals, which he invested in the shop, improving further his business and income before paying the loan back on time.

Eventually, the young entrepreneur went on to obtain a third and fourth loan of 100,000 and 150,000 riyals, respectively, repaying these on time as well.

Silatech works with Al Amal Microfinance Bank and other financial institutions throughout the region to design youth-focused financial products and services for young Arabs like Bashir.