The loan consultant who has been working with Nancy over the years describes her as an organized, dedicated, hardworking and independent entrepreneur with a fighting spirit. In the past, Nancy has experienced difficulties making repayments on time. The loan consultant says that now, with Nancy’s mother helping to take care of her children, Nancy will have more time to dedicate to her business and struggle less to make repayments.
Nancy has a business selling various products including jewelry, clothing and perfumes to members of her community. This loan will be used specifically to finance the purchase of perfumes and colognes which she plans to sell at a 50% profit margin. Her most expensive perfumes sell for 100,000 colones (approximately 180 USD).
Nancy spends all day Saturday dedicated to her business, making sales and collecting payments. Throughout the week, clients pass by Nancy’s house to make purchases; if she isn’t around, her mother will make the sale. Nancy acts as a supplier to her husband, who sells products to his customers (he drives a taxi as well), and to her cousin who sells products at her high school.
For her perfume-selling activity, Nancy´s sister has put her in touch with a supplier in Alajuela, the neighbouring province to San Jose, where Nancy hopes to secure a good price for some perfumes in order to increase her income. She says her most popular products are her least expensive perfumes.
Although she has only a high school education, Nancy has proven herself as an adept businesswoman. Her goal is to open a type of bazaar in her house where customers could peruse the various product she has to offer.
Nancy says her main obstacle is working capital but she also sometimes has trouble collecting payments from new clients. To address this issue, She tends to keep a closer eye on newer clients, allowing them longer pay periods and the purchase of more expensive products on credit only as the clients prove they are trustworthy.
At the moment, business is good. Nancy is making a good amount of sales and her client base is growing.
More information about this loan
In Costa Rica, funding for microfinance institutions is hard to come by, and many institutions find themselves having difficulty growing and reaching all the demand for loans that exist. Kiva works with Fundacion Mujer because it attends a very marginalized population in Costa Rica, with a specific focus on women. In addition to the loan, Fundacion Mujer provides specialized training programs for their borrowers on everything from computer classes to salon training. Because of the difficulty in obtaining capital in Costa Rica, Fundacion Mujer cannot serve all the women that need loans. Therefore Kiva plays a unique role in helping Fundacion Mujer grow its portfolio and reach borrowers it otherwise would not be able to.
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Success!! The loan was 100% repaid