Mercy Foundation Provides Loan
Macrina's StoryMacrina is a married woman with seven children. She is a very hardworking entrepreneur. Macrina is 58 years old and has one child still in school. Macrina has a fishing business in the Philippines. And she has been in this business for eight years. She requested a PHP 13,000 loan through NWTF to buy additional materials and gears for her business. In the future, Macrina would like to save money to expand her business. The average income in the Philippines, where Macrina lives and operates her business, is just $7,000. Thus, this means that small microloans, even of just a few hundred dollars can have a very strong positive impact on entrepreneurs in the nation like Macrina. So Macrina hopes that this microloan can help her get one step closer to her ultimate goal of running a completely financially independent business.
Microloan PartnerThe field partner for this microloan is the Negros Women for Tomorrow Foundation (NWTF). The 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. Thus, Kiva lenders’ funds will be used to expand the reach of these products to low-income urban and rural communities. With the help of the NWTF, the Mercy Foundation successfully funded this microloan to Macrina! This is a great development for her and her family. Furthermore, it is also good news for the people of Macrina’s community who purchase fish from her. Even though the Mercy Foundation funded this microloan to Macrina, she will not have to pay any interest to the Foundation for this loan. The reason is because the Mercy Foundation only provided this microloan as a helping hand to an entrepreneur in need. In other words, it is a humanitarian, and not a business endeavor. However, Macrina may have to pay interest to the local field partner. In conclusion, despite the fact that this loan has now been funded, there are many entrepreneurs around the world who still need funding. If you would like to provide a microloan to an entrepreneur in need, please feel free to visit kiva.org! Notes
- This article is based on https://www.kiva.org/lend/820692.