Michael O. sells spare parts like bolts, nuts and chains at Siwdo near Cape Coast. He is married with three children and has received an education through junior high school. While Michael works as a trader, his wife is employed as a seamstress. He is responsible for paying for school fees, utilities and food. His loan will be used to buy more spare parts for selling. He hopes to use the new profits from his business to add to his capital which will help him expand his trade.
Important Information About CRAN
Please note that Kiva considers loans to this Field Partner, CRAN, to be particularly HIGH RISK. This organization has had very serious delinquency problems brought about by problems with its credit methodology, local environmental shocks including a depletion of local fisheries in its core area of operation (Cape Coast and the Central Province), and insufficient follow up with late clients. Lenders to this business should be aware that there is an increased risk of not getting repaid on this loan due to the challenges facing the Field Partner.
CRAN's creditors - including Kiva - have entered into a new Restructuring Agreement (For more information, please see CRAN's Field Partner profile: http://www.kiva.org/partners/91 ). Kiva will extend its ongoing policy of allowing CRAN to continue to raise funds on the Kiva website. New funds raised will be used to make repayments on older CRAN loans via Kiva’s standard net billing process.