Socorro M., age 55, is from the town of Alicia, Isabela. She is widowed and has two adult-aged children. To make a living, Socorro works in the services sector. The main source of income for the business comes primarily from providing manicure and pedicure services to local community members. Socorro has been engaged in her business for over five years and earns approximately 3,000 PHP a month from these activities.
In 2010, Socorro joined ASKI to gain access to financial services. Her goal was to help improve her living situation and increase her ability to engage in business activities. Socorro is requesting a loan of 10,000 PHP which will be used to purchase materials needed to provide manicure and pedicure services. This loan will be the first loan taken out by Socorro from ASKI. She plans to use the additional revenue generated from the business to make improvements to her house.
ASKI is one of the most successful microfinance institutions in the Philippines. It has 25 branches covering the central and northeastern areas. Its clients are mostly farmers, fisherfolk, and small entrepreneurs.
*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, Kiva created this template for our Field Partner to allow them to continue to post loans in English while providing quality and accurate information to Kiva lenders.
About Alalay sa Kaunlaran, Inc.
This loan is made possible by Alalay sa Kaunlaran, Inc. (ASKI), which means “a partner in development.” ASKI has been in operation for 25 years and runs multiple successful initiatives in addition to microlending. Its main microfinance branch focuses on lending to microentrepreneurs, small farmers, and fisher folk. ASKI also provides microinsurance and marketing support for borrowers, as well as educational programs to develop the skills of both borrowers and staff. The ASKI Foundation funds community development projects such as a daycare feeding program and scholarships for children. ASKI Global helps overseas Filipinos develop entrepreneurial and financial skills to maximize the impact of remittances.