Miguel Ángel is a small entrepreneur and a client of Kubo.financiero, and this is his story.
He is 32 years old, married and has one son. He lives in a house with some relatives and makes a living by selling American clothing. He has been selling clothes for 6 years now. He is located in a central spot in his neighborhood near a crowded market and a dairy store, which means that many people pass by every day.
He is asking for this loan to stock up his business and have more clothes to sell, in order to increase his sales and his income.
Miguel's main goal is to keep up the business and make it grow, and in the future he would like to open up more businesses of this type; he aspires to have up to five clothing-selling businesses.
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.