Loreto D., age 42, is from the village of Parog-Parog, Solana, Cagayan. He and his wife have five school-aged children. To make a living, Loreto raises crops. While not the only means for generating revenue, primarily planting and harvesting rice for sale. Loreto has been engaged in his business for over five years and earns approximately 10,000 PHP a month from these activities.
In 2009, Loreto joined ASKI to gain access to financial services. He hoped to help improve his living situation and increase his ability to engage in business activities. Loreto has successfully repaid a previous loan of 13,000 PHP from ASKI. Loreto is now requesting a new loan of 15,000 PHP, which will be used to purchase fertilizers, such as manure. This loan will be the third loan taken out by Loreto from ASKI. He plans to use the additional revenue generated from the business to improve the general living conditions of his family.
ASKI is one of the most successful microfinance institutions in the Philippines. It has 29 branches covering the central and northeastern areas. Its clients are mostly farmers, fisherfolks, and small-business 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.