Monico M. is from the village of Sto. Nino, Manolo Fortich Bukidnon. He is 43 years old. Monico is married and has two adult children. To make a living, Monico owns and operates a clothing business. While not the only means for generating revenue, the main source of income for the business comes primarily from selling ready to wear items and used clothing to local community members. Monico is just starting this business.
In 2008, Monico joined HSPFI to gain access to financial services to help improve his living situation and ability to engage in business activities. Monico has successfully repaid a previous loan of 5,000 PHP from HSPFI. This previous loan was used to to invest in expanding the business. Monico is requesting a new loan of 10,000 PHP which will be used to purchase additional fabrics and materials. This loan will be the second loan taken out by Monico from HSPFI. He plans to use the additional revenue generated from the business to grow the business.
HSPFI is an accredited partners of Opportunity International in the Philippines. It is based in Cagayan de Oro City and is reaching out to the poor households of Northern Mindanao.
*Note: To maximize efficiency and reduce costs, this loan was posted using a template to automate the translation by Kiva. Given that manual translation of entrepreneur profiles is costly, we created this template for our field staff to allow them to continue to post loans in English while providing quality and accurate information to Kiva lenders.
About Hagdan Sa Pag-uswag Foundation, Inc.
Hagdan Sa Pag-uswag Foundation, Inc. (HSPFI) is a non-governmental development organization founded in 1987 to promote Christian values through microfinance services in the Philippines. It partners with Opportunity International and the Mindanao Microfinance Council among others, and offers a range of business and community development services, including savings and insurance programs in addition to lending.