Mercy Foundation Funds Microloan
Fely's storyFely is 42 years old and a married woman with two children, one of whom is in school. She is a very hardworking entrepreneur. Fely has a fish vending business in the Philippines. She requested a PHP 14,000 loan through NWTF in order to buy more fish to sell. Fely has been in this business for 18 years. In the future, Fely would like to save enough money to expand her business and repair her family's home. In the Philippines, where Fely lives and operates her business, the average annual income is just $7,000. That means that microloans even of just a few hundred dollars can be extremely helpful for entrepreneurs in the nation, like Fely. Eventually, Fely would like her business to be completely financially independent. It is not there yet, but this microloan could bring her one step closer to reaching her goal. Thus, any improvement of her business can have a very positive impact on her the lives of her and her family members.
Mercy Foundation and the Microloan PartnerThe field partner for this microloan is the Negros Women for Tomorrow Foundation (NWTF). Negros Women for Tomorrow Foundation, Inc. (NWTF) is a non-governmental organization established with an aim to help men and women achieve self-sufficiency, particularly in the province of Negros Occidental’s low-income communities. The organization offers its clients a wide variety of products, including loans for micro-entrepreneurs, hospital income benefits, life insurance, accidental death benefits and more. So Kiva lenders’ funds will be used to expand the reach of these products to low-income urban and rural communities. After partnering with the Negros Women for Tomorrow Foundation, the Mercy Foundation successfully funded this microloan to Fely. Now she can purchase the extra fish that she needs to bulk up her inventory. The funding of this microloan is excellent news for Fely, and all of the members of her family! It is also great news for the members of her community who purchase fish from Fely’s fish vending business. Despite the fact that this microloan has now been funded to Fely, there are still countless entrepreneurs around the world who desperately need access to microfinancing. If you would like to fund a microloan to an entrepreneur in need, please feel free to visit Kiva.org today! Even small amounts can be extremely helpful and go a long way. Notes
- This article is based on https://www.kiva.org/lend/824116