Although he has received no prior formal education, Kofi is an entrepreneur. He specializes as a blacksmith in Enyaadze (near Cape Coast). He has been involved in this enterprise for 10 years. Kofi is married and has three children. His wife works as a farmer. The proceeds from his business normally go towards helping his wife cover the family’s general expenses and paying their children’s school fees.
Kofi will use the loan to purchase increased amounts of tools and other materials, thus aiding him to improve his overall sales. With the new profits from his expanded business, Kofi plans to further diversify the type of products that he sells, hence adapting to changing customer preferences.
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.