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Elsa Torrefiel's Group
In this Group: Elsa, Myrna, Fely
Elsa T. is from the village of Palilan, Jimenez, Misamis Occdiental. She is 43 years old. Elsa is the group leader of a three-member group. While each member of the group receives an individual loan, they are all collectively responsible for paying back the loans of their fellow group members if someone is delinquent or defaults.

Elsa is separated from her spouse and has three school-aged children. To make a living, Elsa owns and operates a retail clothing business. While not the only means for generating revenue, the main source of income for the business comes primarily from providing general clothing services to local community members. Elsa has been engaged in her business for more than five years and earns approximately 1,900 PHP a month for these activities.

In 2005, Elsa joined PMPC to gain access to financial services to help improve her living situation and ability to engage in business activities. Elsa has successfully repaid a previous loan of 3,000 PHP from PMPC. This previous loan was used to to purchase additional inventory and working capital. Elsa is requesting a new loan of 5,000 PHP, which will be used to purchase additional inventory and working capital. This loan will be the second loan taken out by Elsa from PMPC. She 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 Partner 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

  • $7,000
    Average annual income
  • 1396
    View loans »
    Philippines Loans Fundraising
  • $59,123,575
    Funds lent in using Kiva
  • 45.4
    Philippines Pesos (PHP) = $1 USD

Success!! The loan was 100% repaid

A portion of Elsa Torrefiel's Group's $725 loan helped a member to purchase additional inventory & working capital.
100% repaid
Repayment Term
11 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jul 3, 2010
Listed
Aug 3, 2010
Currency Exchange Loss:
Possible
Ended:
May 15, 2011