A loan of $2,675 helped a member to purchase additional inventory and for working capital.

Ofelia's Group's story

Ofelia J. is from the village of Faustino, Cauayan City, Isabela. She is 54 years old. Ofelia is the leader of a 15-member group loan offered by ASKI. While each member of the group receives an individual loan, they are all collectively responsible for paying back the loans of their fellow group members if someone is delinquent or defaults.

Ofelia is married and has seven adult children. To make a living, Ofelia owns and operates a general store, selling food and daily use products in the local community. Ofelia has been engaged in her business for more than six years and earns approximately 7000 PHP a month.

In 2010, Ofelia joined ASKI to gain access to financial services to help improve her business and living situation. Ofelia has successfully repaid a previous loan of 8000 PHP from ASKI. This previous loan was used to purchase additional products to sell. Ofelia is requesting a new loan of 15000 PHP, which will be used to purchase additional inventory and for working capital. This will be the third loan taken by Ofelia from ASKI. She plans to use the additional revenue generated from the loan to improve and expand her business.

About ASKI:

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 farmers, fisherfolk 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.

In this group: Ofelia, Lilia, Analiza, Sherley, Sherbelyn, Rosalina, Imelda, Marilyn, Angelina, Cecilia, Wendy, Julie, Linda, Julieta, Trinidad

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