Stephen P. is married and has three children. His wife sells eggs. He has attended junior high school.
Stephen sells electrical gadgets and parts at Eshaman Junction in Elmina, which he has done since 2002. Stephen uses his income to pay rent, utility bills and other financial expenses for his family. He is requesting a loan to purchase more electrical items to meet the increased demand from his costumers. The profits from the business will be saved towards acquiring a piece of land for the building a family house. Having a family house allows Stephen to stop paying rent and provide a comfortable shelter for his family.
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.