Apiseta is 38 years of age and is married with 5 children. She owns and operates a business venture selling baked goods in the local community. Apiseta has 2 years of experience in this business.
She needs a loan of WST 1000 to purchase raw ingredients needed to make products for sale. She plans to use the profit from her business (estimated to be 400 talas or US $167 per week) to improve/expand the business.
In 2010, Apiseta joined SPBD to gain access to financial services. Most of SPBD's clients are unable to borrow from commercial banks, because they lack collateral. This is Apiseta's 2nd loan with SPBD.
In 2000, Greg Casagrande founded SPBD to improve the quality of life of people living in poverty in the poor island nations of the South Pacific. SPBD's philosophy of lending is based on a respect for each individual's innate human ingenuity, drive and self esteem. SPBD evaluates the living conditions of each of its borrowers. Generally, a loan manager evaluates a variety of social metrics on a scale out of 3 (the higher the number, the better off the person is) and these are averaged for the "overall social metric score." For example, a 3 out of 3 on "level of education"" would mean that the borrower has graduated from university.
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South Pacific Business Development (SPBD) improves conditions for families living in poverty by providing accessible credit, training, and guidance to help them start, grow and maintain micro-businesses, build assets, finance home improvements, and afford to educate their children. 99% of SPBD’s loans go to women, who can borrow in groups to guarantee one another rather than put up collateral.