Merencia M. is from the village of Taglimao, Cagayan de Oro City. She is 58 years old, is married, and has eight school-aged children.
Merencia owns and operates a specialized retail store, selling bananas, coconuts and cassava in the local community. She has been engaged in her business for over ten years and earns approximately 10,000 PHP a month.
In 2008, Merencia joined HSPFI to gain access to financial services to help improve her living situation and her ability to engage in business activities. She has successfully repaid a previous loan of 20,000 PHP from HSPFI. This previous loan was used to to purchase additional products to sell.
Merencia is requesting a new loan of 23,000 PHP which will be used to invest in expanding her business. This loan will be her 3rd from HSPFI. She plans to use the additional revenue generated from the business to improve and expand her business.
HSPFI is one of the accredited partners of Opportunity International in the Philippines. It is based in Cagayan de Oro City and is reaching out to the poor households of Northern Mindanao.
*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 Hagdan Sa Pag-uswag Foundation, Inc.
Hagdan Sa Pag-uswag Foundation, Inc. (HSPFI) is a non-governmental development organization founded in 1987 to promote Christian values through microfinance services in the Philippines. It partners with Opportunity International and the Mindanao Microfinance Council among others, and offers a range of business and community development services, including savings and insurance programs in addition to lending.