Virgo Jay's Group
Virgo Jay is married and has three school-aged children. To make a living, Virgo Jay owns and operates a business running a general store. While not the only means for generating revenue, the main source of income for the business comes primarily from selling both food and daily use products in the local community. Virgo Jay has been engaged in his business for more than four years and earns approximately 3,500 PHP a month for these activities.
In 2010, Virgo Jay joined ASKI to gain access to financial services to help improve his living situation and ability to engage in business activities. Virgo Jay has successfully repaid a previous loan of 7,000 PHP from ASKI. This previous loan was used to purchase additional products to sell. Virgo Jay is requesting a new loan of 13,000 PHP which will be used to purchase additional inventory and for working capital. This loan will be the third loan taken out by Virgo Jay 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.
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.
ASKI’s motto is “Together, let’s make things happen!” Join ASKI's Kiva Lending Team or view its website.
This is a Group Loan
In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.
Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.
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Success!! The loan was 100% repaid