Update on MichaelThis is Michael. His previous loan was a big help in his business. He was able to buy the needed products and supplies for his parlor. His income from the business is helping him with his everyday expenses. He has been in this business for five years now.
He would like to apply for another 23,000 PHP loan to buy products and supplies like hair straightening gel, scissors, shampoo, hair hot oil, etc. His profits from the business will definitely help sustain his daily needs. He looks forward to this financial increase with gladness and thankfulness in his heart.
Michael dreams that his business will last longer and hopes to improve the quality of his living. He meets up with his co-fellowship members to share stories of his work every week.
* All CCT community partners/clients are organized into fellowship groups that meet on a weekly basis. A fellowship group is composed of 15 to 30 community partners. The fellowship groups gather each week to study the word of God, build social capital, and repay microfinance loans.
Previous Loan DetailsThis is Michael. He previously accessed a 20,000 PHP loan that he used for purchasing necessary products and materials for the beauty parlor. His earnings were a big help in his personal, household and business expenditures. He would like to apply for another 19,000 PHP loan to buy products l... More from Michael's previous loan »
About the Center for Community TransformationThe Center for Community Transformation (CCT) is dedicated to the development of communities and lives via spiritual transformation and access to financial services. CCT offers loan products to address the needs of micro-entrepreneurs in the Philippines. The organization’s loan products include small business, education, and housing loans. CCT utilizes a community-based approach to provide a variety of non-financial services that include training and development programs, clinics, disaster relief operations, a low-cost medicine program, and social service programs. CCT offers a unique “Pavement Dweller” program designed to provide food, housing, and job training. CCT also provides education support services to the poorest groups in the Philippines. Find more information about CCT on their website or join their lending team.
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
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Success!! The loan was 100% repaid