This is the first time Ernesto takes a loan from FUDECOSUR, he states that the institution has helped him a lot and has provided him with many facilities. He hopes that this project will make him grow and achieve his goals so that he can have a better quality of life and more economic stability in the future. This is the first loan that he has received from FUDECOSUR. He has not received any previous loans from state banks, but FUDECOSUR has offered him a loan with more facility and 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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