Teresita runs a type of corner store which is attached to her home. She sells various products including books, clothing for children as well as for adults, cleaning products and personal hygiene products. She also has a photocopying machine.
Teresita plans to use this loan to invest in the purchase of inventory that she will sell in her store. She says that her lack of access to working capital (i.e. loans from formal lending institutions) has hindered her ability to expand her business, gain more clients and increase revenues.
Teresita organizes her day in the following manner: she wakes up early and cleans the house and store. If a client passes by, she opens up (no earlier than 6 a.m.) and the day begins. She stays open all day until 8 p.m.
Teresita’s main goal is to expand her business, fill her store with a variety of products and increase her revenues. A main obstacle for Teresita is that she lives in a rural area with a small population, which makes clients hard to come by.
More information about this loan
In Costa Rica, funding for microfinance institutions is hard to come by, and many institutions find themselves having difficulty growing and reaching all the demand for loans that exist. Kiva works with Fundacion Mujer because it attends a very marginalized population in Costa Rica, with a specific focus on women. In addition to the loan, Fundacion Mujer provides specialized training programs for their borrowers on everything from computer classes to salon training. Because of the difficulty in obtaining capital in Costa Rica, Fundacion Mujer cannot serve all the women that need loans. Therefore Kiva plays a unique role in helping Fundacion Mujer grow its portfolio and reach borrowers it otherwise would not be able to.
About Fundacion Mujer:Fundación Mujer is an organization specializing in the financial and personal development of female entrepreneurs in Costa Rica. They seek to reach underserved populations that may include indigenous communities, immigrants, refugees, victims of domestic violence or women living with HIV/AIDS. Fundación Mujer offers courses in both business and personal development, as well as training in concrete skills such as sewing and other crafts.
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Success!! The loan was 100% repaid