Renelda T. is from the village of Bagong Silang, Iligan City. She is 40 years old, married, and has five school-aged children. To make a living, Renelda owns and operates a specialized retail store. While not the only means for generating revenue, the main source of income for the business comes primarily from buying and selling wood or lumber in a variety of sizes in the local community. Renelda has been engaged in her business for over one year and earns approximately 8,000 PHP a month.
In 2009, Renelda joined HSPFI to gain access to financial services to help improve her living situation and ability to engage in business activities. Renelda has successfully repaid a previous loan of 8,000 PHP from HSPFI, which was used to to purchase additional inventory and acquire working capital. Renelda is requesting a new loan of 11,000 PHP, which will be used to purchase additional lumbers to sell. This loan will be Renelda's third loan from HSPFI. She plans to use the additional revenue generated from the business to improve and expand her business.
HSPFI is one of accredited partners of Opportunity International in the Philippines. It is based in Cagayan de Oro City and is reaching out to the poor households of Northern Mindanao.
*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, we created this template for our field staff to allow them to continue to post loans in English while providing quality and accurate information to Kiva lenders.
About Hagdan Sa Pag-uswag Foundation, Inc.
Hagdan Sa Pag-uswag Foundation, Inc. (HSPFI) is a non-governmental development organization founded in 1987 to promote Christian values through microfinance services in the Philippines. It partners with Opportunity International and the Mindanao Microfinance Council among others, and offers a range of business and community development services, including savings and insurance programs in addition to lending.