Latest Kiva loan from Global Fayre
We’re always excited to reach the point of making another Kiva loan. Of course Haiti is heavy on our minds at the moment – all the more reason to get excited about being able to make another micro-loan. These loans are making a substantial long-term difference to the borrowers and their community.
Our newest loan is to Benita Lopez and her group.
Benita Lopez is from the village of Villa Concepcion, Cauayan City, Isabela. She is 52 years old. Benita is the group leader of a fifteen-member group loan offered by ASKI. While each member of the group receives an individual loan, they are all collectively responsible for paying back the loans of their fellow group members if someone is delinquent or defaults.
Benita is married and has two adult children. She owns and operates a business selling bananas and vegetables. She has been engaged in her business for over twenty-six years and earns approximately 1,000 PHP a week.
In 2008, Benita joined ASKI to gain access to financial services to help improve her living situation and her ability to engage in business activities. She is requesting a new loan of 20,000 PHP which will be used to purchase more products to sell. This loan will be her fourth from ASKI. She plans to use the additional revenue generated from the business to improve and expand her business.
ASKI is one of the most successful microfinance institutions in the Philippines. It has twenty-one branches covering the Central and Northeastern areas. Its clients are mostly of farmers, fisherfolk and small entrepreneurs.