Teresita M. is 46 years old and married with three school-aged children. She is from the village of San Pedro, Alicia, Isabela. To make a living, Teresita owns and operates a general store. Her main source of income comes from selling both food and daily use products in the local community. Teresita has been engaged in her business for over 20 years and earns approximately 10,000 PHP a month.
Teresita joined ASKI in 2008 to gain access to financial services to help improve her living situation and ability to engage in business activities. She has successfully repaid a previous loan of 25,000 PHP from ASKI that was used to purchase additional inventory and provide working capital. Teresita is requesting a new loan of 35,000 PHP to purchase additional products to sell. This will be the eighth loan taken out by Teresita from ASKI. She plans to use the additional revenue generated from her loan to improve and expand her business.
ASKI is one of the most successful microfinance institutions in the Philippines. It has 38 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.