Ruth is a Kubo Financiero client. This is her story.
"My name is Ruth and I am 39 years old. I live in a house in San Miguel Teotongo with my parents, my husband and my son. My husband works as a security guard, and we have two sons ages 11 and 21. The oldest is already married.
I started my business 18 years ago - it's a gift shop called Regalos Ruth. I usually sell in installments, as most of my clients can't afford to pay up front. They pay me on a weekly basis. Most of my clients always pay on time and many times they refer me to some of their friends. I started the business to help my husband when we had two small kids. With his income alone we couldn't afford our basic needs, so I started selling outside my parents house. Fortunately sales grew and I was able to rent a small shop space.
My biggest accomplishment has been to own a house and buy a car. My next step is to buy some furniture for my house."
Kubo.financiero is a regulated microfinance institution that provides accessible and affordable loans to borrowers in Mexico. Its online banking platform and other innovations enable Kubo to charge interest rates that are much lower than the average for MFIs in Mexico. By doing business in a new way -- leveraging technology and customized risk profiles -- the organization is able to support microfinance clients throughout the country. With funds from Kiva lenders, Kubo is able to expand its lending network even further, reach riskier clients who have less credit history, decrease interest rates for borrowers, and scale its service area.