Luis is a widower and lives with his four children in Salcedo, which is located 40 minutes away from Latacunga in the central mountains of Ecuador. He manages a bakery. Luis started this business thanks to the knowledge that his parents passed on to him. At the moment, he does not generate a good income because he does not produce much bread. For this reason, he approached FODEMI to secure his first loan. He will invest in the purchase of flour, butter, eggs, and other supplies that will help him complete his orders. Over time, he will be able to increase his sales and improve his income. Thanks to this investment, Luis can continue providing an education for his children. His dream is to have a better financial situation.
Luis es viudo, vive con sus cuatro hijos en Salcedo que está ubicado a 40 minutos de Latacunga en la Sierra Centro de Ecuador.
Luis tiene una panadería, empezó con su negocio gracias a la enseñanza de sus padres, actualmente no tiene buenos ingresos económicos ya que no hay mucha producción de pan, es por eso que acude a Fodemi a realizar su primer crédito para invertir en la compra de harina, mantequilla, huevos entre otros que le ayudarán a poder cumplir con los pedidos y poco a poco va a ir incrementando sus ventas y sus ingresos van a ser mejores. Gracias a esta inversión Luis podrá seguir dandoles el estudio a sus hijos.
Su sueño es tener buenos ingresos económicos.
About FODEMI, a partner of World Vision InternationalFODEMI is a microenterprise development fund that supports groups of entrepreneurs who lack access to formal financial systems. The organization works with vulnerable populations, especially women, in the marginalized urban and rural sectors of Ecuador. Its clients work in a variety of sectors including agriculture, artisan crafts and the commercial and service sectors. Kiva lenders’ funds are used to expand the organization’s services to the poor living in more rural parts of Ecuador.
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