Ricarte B. is from the village of San Isidro, Baggao, Cagayan. He is 47 years old, married, and has five school-aged children. To make a living, Ricarte operates a motorcycle transport service. He has been engaged in his business for over three years and earns approximately $75 a month from this activity.
Ricarte joined ASKI to gain access to financial services to help improve his living situation and ability to engage in business activities. He is requesting a loan of 7,000 PHP which will be used to repair his existing vehicle in order to provide better service. This will be his first loan from ASKI. He plans to use the additional revenue generated from the business to pay the tuition fees of his children.
ASKI is one of the most successful micro-finance institutions in the Philippines. It has 29 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.