Margarita A. is from the village of Allinguigan 3rd. She is 58 years old. Margarita is widowed and has 4 adult children. To make a living, Margarita owns and operates a furniture making business. While not the only means for generating revenue, the main source of income for the business comes primarily from making and selling general household furniture to local businesses and community members. Margarita has been engaged in her business for over 12 years and earns approximately 10,000 PHP a month for these activities.
In 2009, Margarita joined ASKI to gain access to financial services to help improve her living situation and ability to engage in business activities. Margarita has successfully repaid a previous loan of 16,000 PHP from ASKI. This previous loan was used to purchase raw materials to make additional furniture. Margarita is requesting a new loan of 20,000 PHP, which will be used to purchase raw materials to make additional furniture. This loan will be the eighth loan taken out by Margarita from ASKI. She plans to use the additional revenue generated from the business to improve/expand her business.
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 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.