Total loan: $550
, , Rwanda / Agriculture
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Eric's loan finished fundraising,
but these similar borrowers just need a little more help to reach their goals!
A loan helped to pay for labor which will work on his rice farm during this season.
Eric is a father of two children, the older of whom is five years. He is a Rwandan rice farmer and he has been doing rice farming for the past eight years. He will use a Kiva loan to support labor costs during rice production: nursery, transplanting, field management, guarding birds, and lately in harvesting activities. With profits from his farming he wishes to invest in his business so that in the future he can acquire machines and tractors that will enhance his farming capacity. The agriculture sector accounts for 37% of Rwanda's gross domestic product, generates 65% of Rwanda's export revenue, and employs approximately 90% of Rwandans (as of 2009). Despite the importance of agriculture to Rwandans and their economy, financial institutions view lending to fund agricultural activities as a high-risk proposition because the profitability of these activities is affected by weather, natural disasters, and price fluctuations. For this reason, farmers in Rwanda remain underserved by financial institutions. Urwego Opportunity Bank is expanding into this market and is happy to provide Kiva lenders with the opportunity to support Rwandan farmers.