“When Ahmed came to us for the first time he came with a bag of candy. That’s so sweet! We didn’t realize that what we just chewed was his creation, from flavor to branding—all his!” says Khaled Faoud Investment Executive, GroFin Iraq.
For more than 10 years trading candy, Ahmed, Managing Director of Al Nuha, has become familiar to the value-chain. Although trained as an electrician, his passion is in trading. His challenge was to ensure consistent supply. This meant that he had to face the thorny competition from wholesalers in Baghdad. Until it was time for him to move up the value-chain and manufacture his own product.
There was a small problem though, he only had limited funds. Drawing on his own resources and those of family and friends, Ahmed still had a funding gap. Moreover, he was turned down by traditional financial institutions that were seeking collateral until the Chamber of Industry introduced him to GroFin.
Ahmed fully invested his funds in construction and equipment, therefore, additional funds were needed for raw materials in order to start commercial production. Like most entrepreneurs, Ahmed thought that money was the answer to his prayers, but it wasn’t. “Over the course of a few months, GroFin worked with me to validate my business plan, formalise the business, and secure my corporate banking,” says Ahmed. “My clients and suppliers now know that I am well backed by an international institution—an association that gives them comfort to continue working with me.”
There are few food processing production facilities in Basra, with the support of GroFin Al Nuha has become one of them.