A loan of $725 helped a member to purchase additional inventory & working capital.

Elsa Torrefiel's Group's story

Elsa T. is from the village of Palilan, Jimenez, Misamis Occdiental. She is 43 years old. Elsa is the group leader of a three-member group. 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.

Elsa is separated from her spouse and has three school-aged children. To make a living, Elsa owns and operates a retail clothing business. While not the only means for generating revenue, the main source of income for the business comes primarily from providing general clothing services to local community members. Elsa has been engaged in her business for more than five years and earns approximately 1,900 PHP a month for these activities.

In 2005, Elsa joined PMPC to gain access to financial services to help improve her living situation and ability to engage in business activities. Elsa has successfully repaid a previous loan of 3,000 PHP from PMPC. This previous loan was used to to purchase additional inventory and working capital. Elsa is requesting a new loan of 5,000 PHP, which will be used to purchase additional inventory and working capital. This loan will be the second loan taken out by Elsa from PMPC. She 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 Partner to allow them to continue to post loans in English while providing quality and accurate information to Kiva lenders.

In this group: Elsa, Myrna, Fely

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