Mrs. Candelaria S., 62 years of age, is married and a resident of P5 Silangit, Tangub City. She has been selling snacks for two years already. At this time, she is earning an average net income of not less than 2,000 Philippine pesos (PHP) a month, which is so helpful in supporting them and meeting their daily needs. She is not depending solely on the income of her husband, who is a carpenter earning an average of 2,400 PHP a week only.
With her good credit record and capacity to pay, she has been given the privilege of availing a loan of 8,000 PHP for her second loan cycle. She proposes to purchase a manual rice grinder and use the additional capital for the purchase of ingredients for her snack business. The additional income resulting from this loan will be used to meet their daily needs and for loan repayments and savings for their future use.
Paglaum Multi-Purpose Cooperative (PMPC) is one of the most progressive cooperatives in northwestern Mindanao. It reaches out to the rural poor using the Grameen model.
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 Paglaum Multi-Purpose Cooperative
Paglaum Multi-Purpose Cooperative (PMPC) was founded in 1992 by the beneficiaries, parents and staff of the Paglaum Community Development Foundation to address economic and livelihood activities for sustainability. The organization operates in the northwestern provinces of Mindanao and Visayas.
In the local vernacular, “paglaum” means “hope.” The initial foundation is dedicated to child development through a holistic approach. The goal is to build self-reliance and expand opportunity so the poorest of the poor can help themselves.