A loan of $2,625 helped a member to purchase products to sell.

Monica's Group's story

Monica B. is from the village of Cutog Grande, Reina Mercedes, Isabela. She is 43 years old. Monica is the group leader of a 10-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.

Monica is married and has three school-aged children. To make a living, Monica owns and operates a general store. While not the only means for generating revenue, the main source of income for the business comes from selling both food and daily use products in the local community. Monica has been engaged in her business for over four years and earns approximately 7,000 PHP a month for these activities.

In 2005, Monica joined ASKI to gain access to financial services to help improve her living situation and ability to engage in business activities. Monica has successfully repaid a previous loan of 15,000 PHP from ASKI. This previous loan was used to purchase additional products to sell. Monica is requesting a new loan of 17,000 PHP for the same purpose. This loan will be the fifth loan taken out by Monica from ASKI. She plans to use the additional revenue generated from the business to improve and 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 Northeastern areas. Its clients are mostly of farmers, fisherpeople, 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: Monica, Felicidad, Silvestre, Romeo, Solidad, Jennifer, Laarnie, Regina, Rosie, Teresita

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