Novelyn F. is from the village of Turod, Quezon. She is 28 years old, married and has an infant. Novelyn owns and operates a business making and selling cooked food for daily meals. Novelyn has been engaged in her business for over 3 years and earns approximately 5,000 PHP a month from it.
In 2010, Novelyn joined ASKI to gain access to financial services to help improve her living situation and ability to engage in business activities. Novelyn has successfully repaid a previous loan of 5,000 PHP from ASKI, which was used to to purchase raw ingredients needed to make products for sale. Novelyn is requesting a new loan of 7,000 PHP which will be used to purchase new items to expand product offering. This will be the 2nd loan taken out by Novelyn 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.