A loan of $1,700 helped a member to purchase new items to expand product offering.


Elvira Almazan's Group's story

Elvira A. is from the village of Sinamar. Elvira is the group leader of a 12-member group loan offered by Kiva partner, ASKI. While each member of the group receives an individual loan, they are collectively responsible for paying back the loans of their fellow group members if someone is delinquent or defaults. The official name of this borrowing group is Elvira A.'s Group.

Elvira is 49 years old, married and has eight school-aged children. To make a living, she owns and operates a food stall. The main source of income for the business comes primarily from tending a canteen near the school. Elvira has been engaged in her business for over six years and earns approximately 3,000 PHP per month from these activities.

In 2006, Elvira joined ASKI to gain access to financial services to help improve her living situation and ability to engage in business activities. She has successfully repaid a previous loan of 15,000 PHP from ASKI. This loan was used to purchase additional products to sell. Elvira is requesting a new loan of 7,000 PHP, which will be used to purchase new items to expand her product offering. This loan will be her tenth from ASKI. She plans to use the additional revenue generated from the business to pay her children's tuition fees.

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: Elvira, Teresita, Lolita, Anastacia, Cerelina, Virginia, Mona, Romelita, Ginalyn, Dely, Belma*, Joy*
*not pictured



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