Age : 44 Children: one son and three daughter Education:8th Grade Business: Making Shoes Loan: Rs.3292 ($71),Rs.7698 ($166),Rs.33111($714) Renuka and her employees stitch the upper portion of shoes and sell them to a company. The company purchases soles from other producers. The company then combines the two pieces to create a finished product and exports them to Europe. Renuka had always been making shoes, but with a series of microfinance loans she was able to turn a business for survival into a profitable business with five employees. "Before the loans I was making shoes but it was hard to operate the business because it was difficult to purchase materials. When I sold the shoes to the company they gave me a check, but the check wouldn’t come until two or three days later. Meanwhile, I couldn’t make any more shoes because I couldn’t purchase more materials until the check arrived. There was always a delay in the business because of this. I used to earn Rs.3300 per month before the loans."
After the Loan"Because of the loans I am able to purchase materials when they are needed and I was able to hire workers to help me make the shoes. I have money to pay my workers on the spot. This makes the workers very happy because they need the money too. With the first loan I bought materials and expanded my production. With the next loans I hired workers and I now have five employees; we all make shoes together. I pay each worker Rs.88 per pair of shoes they produce." I get paid Rs.105 per pair when I sell them to the shoe company. Out of that I give my employee Rs.88, so I earn 48 cents per pair. I am able to pay my workers for their production at the end of each day. I now make between Rs.11037-Rs.13216 per month" "My standard of living has improved. I used to have nominal food two times a day. Now I get milk, eggs, and sometimes meat, and I always eat three times a day. I regularly visit the doctor for checkups and I am in the process of building a bigger house right now. I will move there in a couple months and then I will rent out my current house. I wasn’t that respected before, but now I have five workers and people look up to me as a businesswoman. I am also responsible for helping friends and other women receive microfinance loans and they really appreciate that."