The Mercy Foundation funded a microloan to Lonelia, a rice retailer in the Philippines.
As a married mother of five children, Lonelia works hard to support her family. Providing for the needs of five children can be very difficult, and Lonelia relies on her business to help her meet these needs.
She has a rice retailing business in the Philippines. Lonelia is borrowing PHP 10,000 through NWTF in order to buy more stock of rice to sell. Lonelia is paying back her loan, and is set to have it repaid on schedule.
Lonelia has been sustaining her business activities through her past 10 loans from NWTF. She hopes that her hard work will help her attain her dream of saving money to expand her business.
This loan helps Lonelia to access the inventory she needs in order to meet the demand for her business. It prevents her from having to go through a dry period when she cannot keep up with her growing business. So, this loan is very important for making sure that she stays competitive in her market, and can maintain her customers.
The field partner for this loan is the Negros Women for Tomorrow Foundation, Inc. This group is also known as NWTF. This loan is a part of the NWTF’s effort to increase self-sufficiency for men and women in the low income province of Negros Occidental in the Philippines.
These loans can be particularly helpful to entrepreneurs and business people in this region. The reason is because the average annual income for people in the Philippines is only $7,000, and in Negros, Occidental, where this loan is taking place, the average income can be even lower.
So, loans like this $225 one to Lonelia can help provide critically needed capital to people who need it to keep their businesses afloat. If business people like Lonelia can use the loans to help grow and sustain their businesses, then these businesses can eventually become self-sufficient and not need any additional financing.
Loans are just one part of the NWTF’s efforts to help this community. The organization also helps to facilitate hospital income benefits, life insurance, accidental death benefits, and a number of other important goods and services. The work that NWTF is doing in this area is truly significant and has the potential to change the lives of many people.
Microloans, such as this one, provided by the Mercy Foundation, help to give people a hand up, as opposed to a hand down. Because the loans are given for specific business purposes, lenders know that their capital is going to help an entrepreneur put it towards productive business purposes.
In other words, these microloans help people to build self-sufficiency instead of merely providing funds. Entrepreneurs who are working hard and creating businesses benefit tremendously from these loans.
The Mercy Foundation has funded this loan. Now Lonelia can keep growing her business and make sure she has all the inventory she needs! If you would like to help fund a similar loan for an underprivileged entrepreneur, then visit Kiva.org today! There are thousands of loans that need funding.
This article is based on https://www.kiva.org/lend/1001480