Reynaldo M. is from the village of Rizal in West San Isidro. He is 43 years old. Reynaldo is married and has 1 school-aged child. To make a living, Reynaldo owns & operates a business venture in the services sector running a transport business. While not the only means for generating revenue, the main source of income for the business comes primarily from providing motorcycle transport services. Reynaldo has been engaged in his business for over 13 years and earns approximately 2000 PHP a month for these activities.
In 2006, Reynaldo joined ASKI to gain access to financial services to help improve his living situation and ability to engage in business activities. Reynaldo has successfully repaid a previous loan of 8000 PHP from ASKI. This previous loan was used to purchase materials needed to expand services provided. Reynaldo is requesting a new loan of 6000 PHP, which will be used to repair the vehicle used in the business. This loan will be the 10th loan taken out by Reynaldo from ASKI. He plans to use the additional revenue generated from the business to improve/expand his business.
ASKI is one of the most successful microfinance institutions in the Philippines. It has 38 branches covering the Central and Northeastern areas. Its clients are mostly of farmers, fisherfolks 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.
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.