Luis is an outstanding man known in his town for his great hardworking spirit. He doesn't have the necessary capital for his purchase or for labor because he has a low income and no way to get the necessary money. This is why he requested a loan, and it's the first one he has received from FUDECOSUR. He had not had other loans before from state banks, but FUDECOSUR offered him a loan with better terms and a much lower interest rate.
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FUDECOSUR works in one of the poorest regions of Costa Rica, where microfinance institutions (MFIs) are scarce or have a hard time keeping up with demand for small loans. By providing mostly agricultural loans, FUDECOSUR reaches rural borrowers that many MFIs consider to be too risky. However, this has also made it more difficult for the organization to find stable sources of capital to lend. Kiva's flexible, risk-tolerant capital plays a critical role in helping FUDECOSUR grow its portfolio and support even more borrowers.
About FUDECOSUR:The Foundation for the Development of Southern Communities (FUDECOSUR) is dedicated to economically empowering its clients by providing credit and training programs that help improve living conditions for micro-entrepreneurs and their children across Southern Costa Rica. You can learn more about this Field Partner at fudecosur.org.
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