Lina is a widow and has 3 adult children. She makes a living by selling barbecue in the local community. She has been in this business for more than 2 years and earns about 5,000 PHP a month from her work.
In 2006, Lina joined PMPC to gain access to financial services to help improve her life and ability to engage in business. She has successfully repaid seven previous loans from PMPC, and used each of them as additional capital for her business.
Lina and fellow her loan group member are each applying for a new loan of 12,000 PHP. Lina will buy additional fresh meats and spices for her business. She plans to use the additional revenue generated by her business to improve her family's living conditions.
About Paglaum Multi-Purpose CooperativePaglaum Multi-Purpose Cooperative (PMPC) was founded in 1992 by the beneficiaries, parents and staff of the Paglaum Community Development Foundation to address economic and livelihood activities for sustainability. The organization operates in the northwestern provinces of Mindanao and Visayas.
In the local vernacular, “paglaum” means “hope.” The initial foundation is dedicated to child development through a holistic approach. The goal is to build self-reliance and expand opportunity so the poorest of the poor can help themselves.
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