A loan of $2,875 helped a member to purchase raw materials to make additional furniture.


Marites' Group's story

Marites C. is from the village of Parug-Parog, Solana, Cagayan. She is thirty-eight years old. Marites is the group leader of a twelve-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.

Marites is married and has three school-aged children. To make a living, Marites owns and operates a furniture-making business in the manufacturing sector. While not the only means for generating revenue, the main source of income for the business comes primarily from making and selling dining furniture to local businesses and community members. Marites has been engaged in her business for over fifteen years and earns approximately 10,000 PHP a month for these activities.

In 2010, Marites joined ASKI to gain access to financial services to help improve her living situation and ability to engage in business activities. Marites is requesting a new loan of 5,000 PHP, which she will use to purchase raw materials to make additional furniture. This loan will be Marites's first loan from ASKI. She plans to use the additional revenue generated from the business to pay the tuition fees for her children.

About ASKI:

ASKI is one of the most successful microfinance institutions in the Philippines. It has twenty-five branches covering the central and northeastern areas. Its clients are mostly 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 Partners to allow them to continue to post loans in English while providing quality and accurate information to Kiva lenders.

In this group: Marites, Filomena, Denis, Dominga, Grace, Criselda, Joel, Liezel, Teresita, Marcelina, Norma, Linda.



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