Marcos is applying for his second loan through Kiva after he finished paying off his first successfully. He originally started out by borrowing a little bit from his mother so that he could sell chicken out of their house. He realized that he would need to become a member of the market near his house in order to reach his customers. Two years have gone by, and everything is going well for Marcos. His wife and daughter constantly motivate him to work hard because Mr. Ordonez is the only source of income for the family right now. Marcos is applying for a new loan so that he can purchase items in cash at the local markets in order to get great discounts and pass the savings on to his customers. With this money he hopes to buy a refrigerator, as well as more chicken and eggs. Right now he claims that he does not have access to credit from a formal bank because he cannot meet the stringent, and often unforgiving, requirements that they impose. The profits generated from the business help Marcos to pay for personal costs, such as education for his daughter, medicine, and food.
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