Rogelio paid off his first loan through Kiva and Mifex successfully, and now he would like to take out a second microloan. His business is run out of his home, but on weekends he goes out into the local markets to sell with his son, while his daughter watches over the home operation. Mr. A. originally opened his business selling rice, sugar, oil, and greens, which are the most basic ingredients customers buy. Working every day of the week, Rogelio manages his business very carefully, and he has gained 20 years of experience. He continues day-in and day-out because he wants to provide for his family. With this follow-on loan, Rogelio plans to continue building and diversifying his inventory, buying items in cash so that he can receive discounts. The presence of formal banks is very small where Rogelio lives, and their application process is very cumbersome. He also does not want to borrow from the chulqueros or loan sharks. With this second loan Rogelio plans to buy rice, sugar, oil, and a display cabinet.
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