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Stories of transformation >> Alex Znachkov
Alex Znachkov (02.02.2010)
Furniture Production Factory



Location: Chisinau, Moldova

Type of Business: Furniture Production

Location: Chisinau, Moldova

Type of Business: Furniture Production

Loans from CAMED: 3 small-business loans         

 

Impact of the Loans:

Alexandru began his furniture business in 2003 after years of struggling with low-wage jobs that didn’t allow him to support his family. His entrepreneurial drive motivated him to start a business building furniture, since he had some previous construction experience. He began by building wardrobes and kitchen cabinet units in a warehouse, but he had nowhere to sell or display his work and could not afford to pay rent for a facility.

When he heard about Invest-Credit through a friend who had received a loan earlier in the year, Alex decided to take out a loan to expand his operations. His first loan of about $4,000 enabled him to buy new and more efficient equipment for his production, and a second loan of the same amount paid the rent for his store-front where he can now advertise and display his furniture.

With the recent economic crisis, Alex has seen struggles within his business. Despite the struggles he is looking forward.  He is finding new ways to distinguish his products.  In June 2009, he took out a third loan with Invest Credit to purchase equipment that would allow him to airbrush and paint his furniture.  The amount of growth Alex would like to see is not occurring as quickly as he would have hoped, but he is thankful that having access to loans through Invest Credit is allowing him to distinguish his products on the market in new ways. 

In his own words…

Alex was very pleased with Invest-Credit and looks forward to taking out more loans in the future: “I like to work with Invest-Credit because the quality of the service is much higher than with other places that lend money.”