Nora is 34 years old and engages in selling kakanin and other prepared foods in her village, as well as buying and selling fruits and vegetables. She makes rice cakes, puto and bibingka every market day and sells them with banana, pechay, cabbage, avocado and ginger. Her kakanin adds to her income, so she patiently sleeps late in the evening and wakes up early in the morning to prepare it. She knows that through her hard work plus her continuously revolving capital, she will achieve a good standard of living with her family someday.
But for 17 years in this business Nora has often experienced delayed payments by her clients. So sometimes she lacks working capital, and this has caused her to request a loan of PHP 30,000 to buy tomatoes, onions, garlic and malagkit rice as additional products to sell. She hopes that she will improve her business with the capital from ASKI, and will also be able to lift her family out of poverty and help her four children with their education.
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.