Augustine is involved in selling cocoa beans in Dafonu (near Hohoe). His earnings are generally used to help his wife support their six children. He has been involved in selling cocoa beans for 26 years.
He plans on using his loan to purchase additional cocoa beans, and the increased inventory capacity will help him sell more. He aspires to use his profits, to both better market his cocoa bean enterprise and increase his working capital. He hopes that this strategy will allow him to expand his present customer base.
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.