A loan of $1,100 helped a member to purchase raw materials to make additional handicrafts.

Myrna's Group's story

Myrna Q. is from Calao East, Santiago, Isabela. She is thirty-nine years old. Myrna is the group leader of a ten-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 Myrna Q.'s group.

Myrna is married and has three school-aged children. To make a living, Myrna owns and operates a business venture in the arts sector operating a handicraft business. While not the only means for generating revenue, the main source of income for the business comes primarily from selling specialty handicrafts to tourists and local community members. Myrna has been engaged in her business for over ten years and earns approximately 7,000 PHP a month for these activities.

In 2009, Myrna joined ASKI to gain access to financial services to help improve her living situation and ability to engage in business activities. Myrna has successfully repaid a previous loan of 7,000 PHP from ASKI. This previous loan was used to purchase raw materials to make additional handicrafts. Myrna is requesting a new loan of 7,000 PHP, which she will use to purchase raw materials to make additional handicrafts. This will be Myrna's third loan from ASKI. She plans to use the additional revenue generated from her business to improve and expand her business.

About ASKI:

ASKI is one of the most successful microfinance institutions in the Philippines. It has twenty-nine 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: Myrna, Adelaida, Clarita, Sosima, Aileen, Nellie, Marietta, Lanie, Donna, Norvelyn

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