Fecilisima Magallanes


Status: Ended with Loss - Defaulted

$425.00   Loan Request
$86.16   Paid Back

About the Entrepreneur

Name: Fecilisima Magallanes
Location: Guanuma, Dominican Republic
Activity: Food Production/Sales

About the Loan

Loan Amount: $425.00
Loan Use: Purchase of chicken meat to produce 'pica pollo'.
Repayment Term: 8 months - View details below
Lenders Repaid: Monthly
Currency Exchange Loss: Covered
Date Listed: Nov 18, 2008
Date Disbursed: Oct 29, 2008
Date Funded:Nov 18, 2008

About the Country

Country:Dominican Republic
Avg Annual Income:$7,611.00
Currency:Dominican Republic Pesos (DOP)
Exchange Rate:35.5515 DOP = 1 USD



Fecilisima has been a member of our microcredit program for almost two years, and now she’s taking out her third loan. Fecilisima sells pica pollo (breaded deep-fried chicken). Her success makes her an excellent model for other women in her community. She remembers that things were really tough when she started her business. She could hardly find money to support her family as she had to invest all her money in her small restaurant to make it strong.
Now, she explains that the construction of her house has progressed a lot. She even had money for the roof, which is made of zinc. This is a great achievement for a woman who had absolutely nothing before. Fecilisima is a smart and experienced entrepreneur and she used her previous loans wisely so that her business could move forward and her family could have a better future. With this new loan, Fecilisima will buy more chicken meat to produce her delicious pica pollo in order to keep satisfying her customers and move ahead. The entrepreneur says that there are lots of goals still to achieve, but she knows that with hard work and persistence she’ll have success.




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Journal entries for Fecilisima Magallanes


Loan has been disbursed
 
Entrepreneur: Fecilisima Magallanes
Location: Guanuma, Dominican Republic

Thank you for your loan. It has been disbursed to Fecilisima Magallanes by Fundación San Miguel Arcángel, Inc. (FSMA) in Dominican Republic. We are excited to watch this business grow. Over the next 5 months, Fundación San Miguel Arcángel, Inc. (FSMA) will be collecting repayments from this entrepreneur and posting progress updates on the Kiva website.


Posted by from Guanuma, Dominican Republic
Nov 19, 2008
Comment on this entry

Update on your loan in the Dominican Republic
 
Entrepreneur: Fecilisima Magallanes
Location: Guanuma, Dominican Republic

Your loan to the business or businesses above will not be repaid in full and is now considered defaulted. To learn about the reasons for this default, please visit FSMA’s Field Partner page.

We have done our best to provide comprehensive details about why your loan defaulted and what Kiva is doing to help prevent situations like this from happening in the future. A vast majority of our Field Partners are healthy organizations that are very capable of administering your loans with the highest integrity.

If you have any questions, after visiting FSMA’s Field Partner page and reviewing the information there, please let us know.


Posted by Michelle May Kreger, Kiva Staff, from San Francisco, United States
Aug 21, 2009
Comments (58)

Kiva Help Repayment Schedule for Fecilisima Magallanes

  Expected Repayments Actual Repayments Comments
January 2009 $70.84 $70.84 Repayment Received
February 2009 $70.84 $0.00 Delinquent
March 2009 $70.84 $0.00 Delinquent
April 2009 $70.84 $0.00 Delinquent
May 2009 $70.84 $0.00 Delinquent
June 2009 $70.80 $0.00 Delinquent
December 2009 $0.00 $15.32