Honeylyn is married and has 3 school-aged children. To make a living, Honeylyn owns & operates a specialized retail store. While not the only means for generating revenue, the main source of income for the business comes from selling seafood products including fish and shrimp in the local community. Honeylyn has been engaged in her business for over 3 years and earns approximately 3000 PHP a month for these activities.
In 2010, Honeylyn joined GDMPC to gain access to financial services to help improve her living situation and ability to engage in business activities. Honeylyn has successfully repaid a previous loan of 5000 PHP from GDMPC. This previous loan was used to to purchase additional inventory and as working capital. Honeylyn is requesting a new loan of 9000 PHP which will be used to purchase additional products to sell. This will be the second loan taken out by Honeylyn from GDMPC. She plans to use the additional revenue generated from the business to supplement the family's income.
GDMPC is one of the most progressive cooperatives in Mindanao, Philippines. It has four branches and three unit offices covering the provinces of Zamboanga del Sur, Lanao del Norte and Misamis Occidental. Its membership is composed mostly of farmers, fisherfolk 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 GDMPCGata Daku Multi-Purpose Cooperative (GDMPC) was founded in 1992 by 32 farmer-members to empower people by providing livelihood opportunities and other support services. Today, it has over 15,000 members located in upland, lowland and coastal regions of the Philippines, and offers credit, savings, education, and various social services.
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.
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Success!! The loan was 100% repaid