Sotero is a tailor who works with his wife to make suits, school uniforms and other clothing articles. This family business is the main source of income for them and their 6 year old child. This is the second time Sotero is seeking a loan from Mifex and Kiva. With his first loan he was able to boost his production for the school year and saw his income increase significantly. He has made a formal agreement with a large distributor for whom he produces a pre-determined amount of clothing articles per week. He also continues to sell to the people in his community. He is now seeking a second loan with Kiva and Mifex in order to purchase a newer and better sewing machine as well as a large amount of fabric. He anticipates a very busy Christmas season and is thus preparing for a major increase in production.
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