With the loan he hopes to buy supplies like fertilizers, and fumigants, and in turn help the labour force. He intends to maintain the fields no they don't suffer any damage and so they don't lose production, and so with his coffee-growing project be able to generate more profits to contribute to his family.
He doesn't have the necessary capital to buy what he needs because he has a low income and doesn't have a way of getting the money he needs for this. So he is applying for a loan, and it's the first loan he has received from FUDECOSUR. He had not had other loans from state banks before, but FUDECOSUR has offered him a more convenient loan with much lower interest rates....
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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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