A loan of $1,075 helped a member to purchase new items to expand his product offering.

Reynaldo's Group's story

Reynaldo T. is from the village of Villa Concepcion, Cauayan City, Isabela. He is 44 years old. Reynaldo is the group leader of a seven 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.

Reynaldo is married and has two school-age children. To make a living, Reynaldo and his wife own a business selling cosmetics and daily use products such as perfumes, talc powder, and make-up in the local community. Reynaldo is just starting this business.

In 2009, Reynaldo joined ASKI to gain access to financial services to help improve his living situation and ability to engage in business activities. Reynaldo is requesting a new loan of 8,000 PHP which will be used to purchase new items to expand his product offering. This loan will be the second loan taken out by Reynaldo from ASKI. He plans to use the additional revenue generated to 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 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: Reynaldo, Virginia, Rodolfo, Myrna, Mila, Marivic, Marcelina*
*not pictured

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Loan details