Although she has received no prior formal education, Monica is an entrepreneur. She is a hairdresser in Asebu Ekrokul (near Cape Coast). She has been involved in this enterprise for 3 years. Monica is married and has 2 children. Her husband works as a mason. The proceeds from her business normally go towards helping her husband cover the family’s general expenses and to pay their children’s school fees. Monica wants to use her loan to increase her current inventory levels, thereby allowing her to increase her customer base. In the long term, Monica plans to reinvest her future profits into her business, thus helping her to expand and meet rising customer demands.
Important Information About CRAN
Please note that Kiva considers loans to this Field Partner, CRAN, to be particularly HIGH RISK. This organization has had very serious delinquency problems brought about by problems with its credit methodology, local environmental shocks including a depletion of local fisheries in its core area of operation (Cape Coast and the Central Province), and insufficient follow up with late clients. Lenders to this business should be aware that there is an increased risk of not getting repaid on this loan due to the challenges facing the Field Partner.
CRAN's creditors - including Kiva - have entered into a new Restructuring Agreement (For more information, please see CRAN's Field Partner profile: http://www.kiva.org/partners/91 ). Kiva will extend its ongoing policy of allowing CRAN to continue to raise funds on the Kiva website. New funds raised will be used to make repayments on older CRAN loans via Kiva’s standard net billing process.