A loan of $3,350 helped a member to buy products to sell.

Carmen's Group's story

Carmen N. is from the village of Bayo Iguig in Cagayan. She is 52 years old. Carmen is the leader of an 11-member group loan sponsored by ASKI. Although 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 "Bayo Group."

Carmen is married and has 3 adult children. To make a living, Carmen owns and operates a general store where she sells a variety of different products in the local community. Carmen has been engaged in her business for over 25 years and earns approximately 5,000 PHP a month from these activities.

In 2006, Carmen joined ASKI to gain access to financial services to help improve her living situation and ability to engage in business activities. Carmen has successfully repaid a previous loan of 5,000 PHP from ASKI. She used her previous loan to expand her business. Carmen is requesting a new loan of 35000 PHP to buy new items to sell. This will be Carmen's seventh loan from ASKI. She plans to use the additional revenue generated from the business to improve her family's living conditions.

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 of farmers, fisherfolks 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: Carmen, Elizabeth, Evangeline, Maribel, Zenaida, Erlinda, Rosario, Marilou, Precy, Robert Jhun, Asuncion

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