A loan of $600 helped a member additional capital for the business.

Elma's Group's story

Elma A., from the village of Bagacay, is the 27-year-old group leader of a four-member group loan offered by PMPC. While each group member receives an individual loan, they are collectively responsible for paying back the loans of their fellow members if someone is delinquent or defaults.

Elma, who is married and has three school-aged children, owns and operates a business selling ocean-caught fish in the local community. Engaged in her business for over six years, she earns approximately 3,200 PHP a month.

In 2010, Elma joined PMPC to gain access to financial services to help improve her living situation and ability to engage in business activities. Having repaid her previous loan of 3,000 PHP from PMPC, she is requesting a new loan of 5,000.00 PHP which will be used to invest in expanding the business. Elma plans to use the additional revenue generated from the business to pay the tuition fees of her children.

About PMPC:

Paglaum Multi-Purpose Cooperative (PMPC is one of the most progressive cooperatives in northwestern Mindanao. It reaches out to the rural poor using the Grameen model.

*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: Elma, Gloria, Ma. Aileen, Maricel

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