Gary is 60 years old and was referred to Community Micro Lending through GT Hiring Solutions in mid April. He has over 25 years of welding experience, but lost his most recent job last year when this employer was badly affected by the economic recession. He has been living on employment insurance ever since.
Gary would like to set up a mobile welding service catering to the logging, construction and fishing industries. Gary also recently began experimenting and using his welding skills to make metal artwork. He believes he can sell the artwork on consignment at nurseries and other outlets such as the Bug Museum. He has already made a tentative agreement with a nursery in Saanich.
Gary currently borrows his landlord’s machine and is requesting a $5,000 loan that will go towards buying a welding machine (which he plans to attach to his truck) and various other tools he needs for the welding service and artwork. The mobile welding service will be his main source of income, as he believes he can get 30 hours per week of work (at $45 to $85 an hour).
Gary’s references have both hired him to work on their boats and find his welding work to be of a high standard. One of them trusts Gary to the extent that he has given Gary a set of keys to his garage and workshop. Gary has had some credit issues with hydro and phone bills, but is committed to resolving the issues and paying off any outstanding debts.
The loan will change Gary’s life. It will allow him to come off employment insurance, it will give him independence, and it will give Gary a chance to save money so that he and his wife can one day enjoy retirement.
Loan term: 5 years
Loan star rating: