With Financial Foundation in Place, a Dream Becomes a Reality

Far down a long, precipitous stairway, past many doorways and stray dogs, is the workshop of Patricia Palle-clinging to the side of the mountain with an unobstructed view of La Paz, Bolivia. Every inch of space in the two tiny rooms is put to use, yet it's orderly and comfortable. Skeins of yarn in an array of rich colors occupy the back and side walls, from floor to ceiling. Extra knitting machines are collapsed under the design table for use during her high season and a small desk with neat stacks of patterns and orders is positioned against another wall.

Four mounted knitting machines are operated by Patricia and three of the women she employs, who are making the velvety alpaca sweaters she sells to Bolivians and tourists alike. Patricia, like her sweaters, is warm and inviting. With optimism and openness, she describes the journey she has taken to overcome disadvantages and realize her dream of self-sufficiency and entrepreneurial success. Her story is one of pain, hardship and joy.

"This business was just a dream five years ago," Patricia remembers. Then, she was a new mother with only one knitting machine and limited supplies. Shortly after her son was born, her husband left her and she became a single mother with a lot riding on the success of her business. She was confident in her skills to produce beautiful, marketable products - but lacked the resources to invest in her business's growth.

ACCION partner BancoSol, a microfinance bank with a long and successful history in Bolivia, proved to be the missing ingredient. Over the past three years, BancoSol has provided Patricia with the financial services she needed to expand her business. With her first loan, which was equivalent to only US $200, Patricia stocked up on yarn and other raw materials. Her next loan, for US $500, enabled her to buy another knitting machine and with it increase her production volume. Patricia was on her way.

With a foundation in place, Patricia was determined to keep growing her business. Subsequent loans for $2,000 and $5,500 indicated both Patricia's creditworthiness and the positive impact of microfinance on her enterprise. With the additional capital, Patricia purchased even more knitting machines and was able to develop a new line of sweaters requiring different yarns and patterns.

Today, Patricia has been so successful that her business has outgrown her small workshop and she is looking for a larger space where she can store inventory, set up additional knitting machines and accommodate additional employees.

One person's success often means another's opportunity and hope. Supporting women in her community is a priority for Patricia, in light of her own experiences as a single mother. So, she is now providing a small circle of local women with employment and skills that will help them get ahead in the future. And if there is one lesson to be learned from Patricia's story, it is that with the right combination of determination, spirit and resources, dreams can be realized. As Patricia puts it simply, "Perseverance is getting ahead."