Peter N. sells television sets, fridges, DVD players and other items at Comender Junction near Elmina. Peter has received senior high education. He is married and has 3 children. His wife is a trader. Peter has been selling television sets, fridges, DVD players, etc., since 1998. He is responsible for paying the rent, utility bills, children's school fees, and other financial expenses. His loan will be used as additional capital to enable him to increase his sales to meet the increase in demand by his customers. He hopes to use the new profits from his business to reinvest in the expansion of his trade and also to save towards a house that he wants to put up so that he can stop renting apartments.
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.