Marilou has a specialized store from which she sells her wares, primarily rice. She has been engaged in her business for over a year and earns approximately 3,000 PHP a month. She and her husband have four school-aged children and live in the village of Pagbangkeruan, Alcala, Cagayan.
Earlier this year, Marilou joined ASKI to gain access to financial services. Her goal was to help improve her living situation and increase her ability to engage in business activities. Marilou is requesting her first loan in the amount of 4000 PHP, which will be used to purchase additional products to sell. She plans to use the additional revenue generated from the business to pay the tuition fees of her children.
ASKI is one of the most successful microfinance institutions in the Philippines. It has 34 branches covering the central and northeastern areas. Its clients are mostly farmers, fisherfolk, and small business 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 Alalay sa Kaunlaran, Inc.This loan is made possible by Alalay sa Kaunlaran, Inc. (ASKI), which means “a partner in development.” ASKI has been in operation for 25 years and runs multiple successful initiatives in addition to microlending. Its main microfinance branch focuses on lending to microentrepreneurs, small farmers, and fisher folk. ASKI also provides microinsurance and marketing support for borrowers, as well as educational programs to develop the skills of both borrowers and staff. The ASKI Foundation funds community development projects such as a daycare feeding program and scholarships for children. ASKI Global helps overseas Filipinos develop entrepreneurial and financial skills to maximize the impact of remittances.
ASKI’s motto is “Together, let’s make things happen!” Join ASKI's Kiva Lending Team or view its website.
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