Total loan: $4,875

Algarrobos (Portoviejo) Group

Portoviejo, Manabí Province, Ecuador / Food

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A loan helped to buy a table, 6 chairs and vegetables.

Algarrobos (Portoviejo) Group's story

The communal bank "Los Algarrobos" meets every 15 days in Los Bajos in the canton of Montecristi. This area is known for its rich pre-colonial culture and its handicrafts, which are known at the national and international level, because this is the place where the famous Panama hats are made. This is a group of people who sometime ago decided to unite and form this communal bank. This served them well, because with the loans, they have been able to increase their standard of living and help finance their businesses. Most of the members of this bank work in handicrafts, livestock, food production, and general retail trade. One of the members of this group is Karen, 33, who is married and has 3 children aged 11,10 and 5. Her children are in school and her husband is a merchant. Our friend works in the municipality of Montecristi, and is taking the loan to use in her husband's business. He sells fruit smoothies, grilled chicken wings and meat kebabs. He sells these items from Monday through Thursday, because on the weekends he also sells snacks. He has had this business for 6 months and everything he prepares sells very well. This loan will be used to buy 1 table, 6 chairs and vegetables to use in preparing the food. This is Karen's 3rd loan cycle in the communal bank, and she likes it because the payments are easy to make. She dreams of having a car.