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Elma's Group
In this Group: Elma, Gloria, Ma. Aileen, Maricel
Elma A., from the village of Bagacay, is the 27-year-old group leader of a four-member group loan offered by PMPC. While each group member receives an individual loan, they are collectively responsible for paying back the loans of their fellow members if someone is delinquent or defaults.



Elma, who is married and has three school-aged children, owns and operates a business selling ocean-caught fish in the local community. Engaged in her business for over six years, she earns approximately 3,200 PHP a month.



In 2010, Elma joined PMPC to gain access to financial services to help improve her living situation and ability to engage in business activities. Having repaid her previous loan of 3,000 PHP from PMPC, she is requesting a new loan of 5,000.00 PHP which will be used to invest in expanding the business. Elma plans to use the additional revenue generated from the business to pay the tuition fees of her children.



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 Partners 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

  • $1175
    Average annual income
  • 359
    View loans »
    Philippines Loans Fundraising
  • $52,115,200
    Funds lent in using Kiva
  • 46.5
    Philippines Pesos (PHP) = $1 USD

Success!! The loan was 100% repaid

A portion of Elma's Group's $600 loan helped a member additional capital for the business.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 17, 2010
Listed
Jul 6, 2010
Currency Exchange Loss:
Possible
Ended:
Jul 30, 2011