One’s greatest shield against failure is resilience; the ability to get back up stronger than ever, every time the universe sends forth a new challenge, hurdle, or complication. While it sounds easy enough to embody on paper, this is a quality most people struggle with their entire lives. However, this is not true for Rana Tanveer Hussain. Despite having a failed business in the past, he found his way to owning and successfully running a lucrative manufacturing unit in the Sheikhupura District of Punjab after a lifetime of barely making ends meet as a minimum wage worker in the same industry.
Per recent studies, the unemployment rate in the province of Punjab is 6.8%, despite consistent interventions to counter the same on a national level. The last few years have not been easy, owing to the unique challenges of the COVID-19 pandemic and the unprecedented global inflation. The brunt of these unprecedented circumstances has been quite severe in developing nations such as Pakistan, especially for daily wagers and the middle to lower-income classes. With strict lockdowns imposed worldwide, raw material and manufacturing operations were brought to a standstill, consequently affecting the income of daily wage workers who relied on the same to feed, clothe and shelter themselves and their loved ones. Homes, health, and lives were lost as a result.
Rana Tanveer Hussain, a shoe factory worker in Sheikhupura, was also affected by these uncertainties and struggled immensely to provide for his elderly parents and younger siblings during this period. Given Rana’s experience, he decided to set up a small manufacturing unit for shoes. However, the main challenge he faced was to raise capital to set up the unit and sustain its operations for the first few months before it could generate a sustainable revenue stream. Rana approached MMBL to learn more about the diverse financial products and services offered in its portfolio that could help inject capital into the business he wished to set up. After a few meetings with the MMBL field teams, he was able to seamlessly and swiftly secure MMBL’s Small and Medium-sized Enterprises (SMEs) loan of PKR 1.9 Million to set up his manufacturing unit for shoes, which rekindled his earning streams.
“I received my loan very easily and much earlier than I expected. The staff at MMBL was very cooperative and guided me every step of the way. The loan helped me channel funds into my business and drive it to prosperity. I owe my success to MMBL”, said Rana when approached to discuss his entrepreneurial venture.
“I was worried about my family’s sustenance as I am the sole breadwinner. What could we do? Where could we go? These were some of the questions that kept popping up. The monetary support from MMBL helped me address the financial struggles I was facing. I am very grateful to God and MMBL.”, remarked Rana when asked about his story. Through the Bank’s unwavering support and Rana’s tireless efforts, he was able to purchase more machinery for his unit.
Through his stellar entrepreneurial spirit and drive to remain financially independent, Rana further enrolled himself in a distant learning program at one of the country’s most renowned educational institutions, Allama Iqbal Open University.
Now a graduate and business owner, Rana comfortably provides for his parents and siblings with the earnings from his independent shoe manufacturing unit in Sheikhupura, Punjab.
Stories like Rana’s are witnessed daily by the MMBL family. The Bank continues to work diligently to bring premium digital financial services to the underserved and unserved segments of society. MMBL is committed to facilitating the financial independence of many people such as Rana and helping foster an increasingly prosperous Pakistan for all.
