A loan of $1,700 helped a member to purchase additional load to retail.

Ericson Blanco Group's story

Ericson B. is from the village of Luna. He is 31 years old. Ericson is the group leader of an 11-member group loan offered by ASKI. While each member of the group receives an individual loan, they are all collectively responsible for paying back the loans of their fellow group members if someone is delinquent or defaults. The official name of this borrowing group is 'Ericson B.'.

Ericson is single and has 1 school-aged child. To make a living, Ericson owns & operates a specialized retail store. The main source of income for the business comes from selling electronic load credits for mobile phones in the local community. Ericson has been engaged in his business for over 5 years and earns approximately 6,000 PHP a month for these activities.

Ericson joined ASKI to gain access to financial services to help improve his living situation and ability to engage in business activities. Ericson has successfully repaid a previous loan of 5,000 PHP from ASKI. This previous loan was used to purchase additional load to retail. Ericson is requesting a new loan of 10,000 PHP which will be used to purchase additional load to retail. This will be the second loan taken out by Ericson from ASKI. He plans to use the additional revenue generated from the business to improve/expand his business.

About ASKI:

ASKI is one of the most successful microfinance institutions in the Philippines. It has 25 branches covering the Central and Northeastern areas. Its clients are mostly comprised of farmers, fisherfolk and small entrepreneurs.

*Note: To maximize efficiency and reduce costs, this loan was posted using a template to automate the translation by Kiva. Given that manual translation of entrepreneur profiles is costly, Kiva created this template for our Field Partner to allow them to continue to post loans in English while providing quality and accurate information to Kiva lenders.

In this group: Ericson, Jovilyn, Remedios, Olivia, Magdalena, Elizabeth, Vilma, Mercedita, Purita, Emelyn, Johanna

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