Amana Bank's loan facility boosts a young entrepreneurs business.

In the humid bustling city of Dar es Salaam, lives Faaris Hamad Suleiman, a young entrepreneur famously known as Faaris Machine. Faaris sells imported hardware machinery equipment, farming tools, construction and other kinds of machinery from China and Dubai both wholesale and retail. He has a large clientele within Tanzania and the neighboring land locked countries as far wide as Zambia and Congo. Faaris has secured a large business network of both national and international clients, including other businessmen, creditors, and suppliers.

As the saying goes, the journey of a thousand miles starts with a single step. Faaris started his business in 2007 with a small capital of USD 2300 in the same business location where his current business is located. He started getting wholesale merchandise on credit from other businesses which he would sell and pay for later. These credit systems were favorable for Faaris, and as time went by his profits grew and eventually he was able to accumulate enough capital to start importing his own merchandise. Over time with good character, integrity, and commitment he has built a solid business portfolio.

Impressed by Faaris’s growing portfolio, Amana Bank Limited decided to trust Faaris and advanced him with revolving working capital facilities for importation of containers of hardware materials for the first time. 

The USD 75,000 Faaris Machines profit retention strategies helped him alot in his expansion. 

The later introduction of USAID’s DFC loan guarantee facility helped with the limitation of security which was the major factor hindering Faaris business growth through Bank finance. With support from the DFC guaranteed financing, Faaris managed to expand his business and currently has two big shops, one deals with machinery equipment, farming tools, and the other deals with selling extrusion spare parts. Faaris’s example is one of many success stories under this DFC guarantee with Amana Bank which supports lending to youth- and women-owned businesses, as well as those in the agriculture value chain.

Today, Faaris’ capital has increased to USD 650,000, he imports about 3 units containers worth of merchandise every three months.

Faaris has become a successful businessman and has inspired his relatives, some of them have ventured into the same machinery and farming tools business since demand is very promising.