Loreto is 37 years old, married and blessed with one child. Loreto has been engaged in a rice farming business for seven years. Loreto’s income in his business depends on the farm inputs he has used and the climate.
Loreto compares his yield when planting hybrid and inbred rice. He observes that he gets a high yield when he plants hybrid seeds of rice. Loreto’s practice is planting inbred rice seeds because he does not have enough capital to buy hybrid seeds because they are costly. But Loreto desires to get a high yield of crops and therefore he is asking for a loan of 20,000 Phillipine pesos (PHP) to buy hybrid seeds and fertilizers to use in rice farming.
Loreto hopes that the loan will have a positive impact on his rice farming business. With the loan he may be able to achieve a high production of rice.
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.