He wants a loan in order to buy some machines for carpentry work. He has received instruction in making furniture but has not had the money to buy the machinery that he needs in order to make it. He wants to be able to make furniture to sell to his neighbors.
This is the first loan he has received from Fodecosure. He has not had previous loans through state banks, but Fudecosure has provided a loan that was more feasible and a much lower interest rate.
More information about this loan
FUDECOSUR works in one of the poorest regions of Costa Rica, where microfinance institutions (MFIs) are scarce or have a hard time keeping up with demand for small loans. By providing mostly agricultural loans, FUDECOSUR reaches rural borrowers that many MFIs consider to be too risky. However, this has also made it more difficult for the organization to find stable sources of capital to lend. Kiva's flexible, risk-tolerant capital plays a critical role in helping FUDECOSUR grow its portfolio and support even more borrowers.
About FUDECOSUR:The Foundation for the Development of Southern Communities (FUDECOSUR) is dedicated to economically empowering its clients by providing credit and training programs that help improve living conditions for micro-entrepreneurs and their children across Southern Costa Rica. You can learn more about this Field Partner at fudecosur.org.
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Success!! The loan was 100% repaid