In 2009, Jover joined GDMPC to gain access to financial services to help improve his living conditions and enable him to engage in business activities. Jover has successfully repaid a previous loan of 8,000 PHP from GDMPC. Jover is requesting a new loan of 12,000 PHP which will be used to purchase fertilizers such as manure. This will be his third loan from GDMPC. He plans to use the additional revenue to pay the tuition fees of his children.
Jover is the leader of a four member group accessing a loan offered by GDMPC. While each member of the group receives an individual loan, they are collectively responsible for paying back the loans of their fellow group members, if someone is delinquent or defaults.
GDMPC is one of the most progressive cooperatives in Mindanao, Philippines. It has four branches and three unit offices covering the provinces of Zamboanga del Sur, Lanao del Norte and Misamis Occidental. Its membership is composed 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.
About GDMPCGata Daku Multi-Purpose Cooperative (GDMPC) was founded in 1992 by 32 farmer-members to empower people by providing livelihood opportunities and other support services. Today, it has over 15,000 members located in upland, lowland and coastal regions of the Philippines, and offers credit, savings, education, and various social services.
This is a Group Loan
In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.
Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.
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Success!! The loan was 100% repaid