A loan of $550 helped to buy shirts, pants, jeans, blouses, shoes and perfume.


Hugo Enrique's story

Hugo Enrique A. R. lives in Barranquilla with his wife and young daughter. He works as a security guard in a building to the north of the city, and he also sells general merchandise. He started this business 2 years ago with a small amount of capital, and gradually his sales grew. Most of his customers are employed as domestics, security guards and construction workers. He provides his customers with 30 to 60 days of credit, and allows them to pay in 2 or 3 installments. This is the second loan that Hugo has taken from the Fundación Mario Santo Domingo, and his first loan with Kiva. He plans to invest the money in the purchase of shirts, pants, jeans, blouses, shoes and perfume. With the end of the year approaching, his orders have increased considerably. His average monthly sales volume is $ 1,000,000 COP and his profit margin is approximately 35%. Hugo states that for him it is an advantage to live very close to his customers, because it allows him to manage his collections effectively and maintain a default rate of 0 percent. In addition, he avoids transportation expenses and saves time because he does not have to travel over long distances. For next year, Hugo plans to buy some metal display cases where he can store and exhibit all of his merchandise, and if things go well, open a small variety store where in addition to clothing, shoes and perfume, he can sell gifts and stationery items.

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Translated from Spanish by Kiva volunteer Lisa Grobar



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