58 year old Fredy lives in Guasmo, Guayaquil (an urban zone where the majority of its inhabitants are informal merchants). He has two grown children.
Fredy always wanted to have his own business and his wife had a great place available so they decided to start a restaurant. Together with his wife he works from 10am until 14:30pm. They sell lunches for $1.50.
At the moment he does not experience any problem with his business. He plans to use his loan to buy a showcase ($100), a stove ($150), a fridge ($400) and the rest he will spend on ingredients for the lunches and sodas to sell.
In the future he hopes to open another business in the center of town.
About Banco D-MIRO
Banco D-MIRO is a microfinance institution that serves the most vulnerable sectors of Ecuador’s economy. It offers very small loan sizes without requiring collateral, expanding access to borrowers who would not otherwise be able to access capital to start and grow their own businesses. It also specifically targets borrowers who are excluded from formal financial systems due to race, ethnicity, gender, disability or illness.