Miguel is 59 years old, married and lives with his wife and two children. He is requesting the loan to purchase wood, varnish, nails and other materials needed to make furniture. He wants to increase his raw materials in order to have more furniture to sell at the local market and those in the surrounding area. This will give him more financial stability so he can provide his family with a better quality of life. This is his first loan with Kiva partner FUDECOSUR. He has not had previous loans with state banks, but FUDECOSUR provides him a loan with better terms and a much lower interest rate.
Miguel tiene 59 años de edad, es casado, el vive con la esposa y dos hijos. El crédito lo quiere es comprar madera y además barniz, clavos, y otros utensilios necesarios para hacer muebles. El quiere aumentar un poco la cantidad de materia prima para hacer mayor cantidad de muebles y poder venderlos en el mercado local y lugares aledaños y poder tener una mejor estabilidad económica y darle una mejor calidad de vida a su familia. Es el primer préstamo que recibido de FUDECOSUR. El no había tenido antes otros préstamos en bancos estatales, pero FUDECOSUR le ha brindado el préstamo con mayores facilidades y la tasa de intereses mucho más baja.
More information about this loan
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.
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.