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Lary's Group
In this Group: Lary, Magdalina, Leonora, Rosita
Lary B. is from the village of Magsaysay, Baliangao. She is the leader of a four-member group loan offered by Kiva partner, PMPC. While each member of the group receives an individual loan, they are collectively responsible for paying back the loans of their fellow group members if someone is delinquent or defaults.

Lary is 42 years old, married, and has three school-aged children. To make a living, Lary has a retail business selling dry goods (rice). The main source of income for the business comes from selling her own harvested rice. Lary has been engaged in her business for over three years and earns approximately 5,000 PHP per month from these activities.

In 2004, Lary joined PMPC to gain access to financial services to help improve her living situation and ability to engage in business activities. She has successfully repaid a previous loan from PMPC. Lary is requesting a new loan of 14,900 PHP, which will be used as additional capital for rice production. This loan will be her seventeenth from PMPC. She plans to use the additional revenue generated from the business to improve her family's general living conditions.


About PMPC

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.

Additional Information

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.

This is a Group Loan

In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.

Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.

About Philippines

  • $7,000
    Average annual income
  • 1462
    View loans »
    Philippines Loans Fundraising
  • $59,304,600
    Funds lent in using Kiva
  • 45.6
    Philippines Pesos (PHP) = $1 USD

Success!! The loan was 100% repaid

A portion of Lary's Group's $1,000 loan helped a member as additional capital for rice production.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Feb 27, 2010
Listed
Mar 24, 2010
Currency Exchange Loss:
Possible
Ended:
Apr 21, 2010