A loan of $900 helped to buy magazines and lottery tickets.

Victor Alfredo's story

Víctor, 37, can be found in Manabí’s capital Portoviejo’s Nueva California neighborhood. Portoviejo has been known for many years as the City of the Royal Tamarinds. The members of the Nueva Jerusalén (The New Jerusalem) communal bank meet here every two weeks.

He is single and shares a house with his sister; they split the rental cost fifty-fifty. This is his third cycle in the communal bank. He likes it because of the benefits the loans provide for his business and because the interest rates are low compared to other financial institution.

He sells newspapers and magazines in a stand in Puertoviejo’s #1 Market. He works every day from 4:30am until 1:30pm. He tells us that he’s been in this business for several years and it has been growing gradually. He hopes to use this new loan to increase business selling lottery and raffle tickets which will produce better profits.

He will use this loan to buy lottery tickets to sell as well as magazines. His dream is to have a bigger business.

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Translated from Spanish by Kiva volunteer Polliz

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