Isais owns a small store on a corner of a local street in his neighborhood. He has successfully paid back his first loan through Kiva, and now he would like to step his loan size up to the next level. He is asking for a second loan so that he can buy more items in bulk and pay in cash, which will allow him to receive discounts and charge lower rates to the end consumer. Isais has over twenty years experience in this business, and loves to make Ecuadorian food for his clients like “salchipapas.” Thanks to the efforts he and his wife have put into the business, they have grown steadily. They started out initially by selling a couple cases of cooking oil and one large bag of rice out of their home. Since then, they have moved the shop into a separate location and they feel more confident than ever that their children will be able to attend better schools. They are seeking this second loan in order to keep diversifying their supply and buying essential products in bulk.
As soon as Isais received the first loan he took advantage of the liquidity to buy products in bulk. This had a domino effect on his business. He was able to lower the prices of his products and increase his client base. Isais soon began to purchase many more different products for his clients. He was able to take advantage of spikes in demand due to holidays such as mother's day. He and his family now have a much higher sense of financial security and understand the benefits of credit. They are very thankful for the loan they received and hope they will be able to take advantage of any future opportunities Mifex and Kiva offer.
Mifex offers its clients microinsurance and access to business training and educational programs. For more information about microfinance, Ecuador, and our services, please visit www.mifex.org.
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Success!! The loan was 100% repaid