A loan of $1,975 helped a member to purchase food and drinks for the restaurant.

Ernesto's Group's story

Ernesto D. F. Jr. is 52 years old and from the town of Sto. Domingo Echague. She is the group leader of a 15-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 the Ernesto D. F. Jr. group.

Ernesto is married and has one school-aged child. To make a living, she owns and operates a restaurant. While not the only means for generating revenue, the main source of income for the business comes from serving local foods to customers in the local community. Ernesto has been engaged in her business for over two years and earns approximately 4000 PHP a month from these activities.

In 2009, Ernesto joined ASKI to gain access to financial services to help improve her living situation and her ability to engage in business activities. As with her previous loan of 8000 PHP from ASKI which she has successfully repaid, this new loan of 9000 PHP will be used to purchase food and drinks for the restaurant. This will be the third loan she has taken out from ASKI. She plans to use the additional revenue generated from the business to improve/expand her business.

About ASKI:

ASKI is one of the most successful microfinance institutions in the Philippines. It has 29 branches covering the central and north-eastern areas. Its clients are mostly 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: Ernesto, Corazon, Edna, Sagrada*, Jenny, Rodrigo, Rosalina, Lina, Glory, Mercilina, Christopher, Analyn*, Elena, Francisca, Isabel
*not pictured

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