Mercy Foundation Provides Loan
Microfinance Services to CharlotteIn the district of Molave – Mahayag Zamboanga del Sur, you will find Charlotte working on her small farm. This 29-year-old has to work hard to support her family. Furthermore, her husband earns an income being a tricycle driver, and their limited income has meant that they have faced hardship over the years. Thus, she is looking to further elevate her income by putting in some more work on her farm. She recently approached Paglaum Multi-Purpose Cooperative for a loan to help him pay for the labor costs for cultivating her land. She applied for 16,000 PHP. This is after receiving several loans herself, and paying them back all in time. Thus, she hopes that with the added income she will be able to plow the rice field better, plant more vegetables and explore a host of other agricultural activities.
Microfinance Services Funded by PartnersHer $375 loan was locally administered by Paglaum Multi-Purpose Cooperative, a Kiva partner and microfinance organization. The main aim of the organization is to provide microfinance services to people who live in the provinces of Mindanao and Visayas. However, this part of the country is notoriously expensive to serve, meaning that it is ignored by many of the traditional financial institutions in the country. By providing microfinance services to the people in these areas, Paglaum Multi-Purpose Cooperative is helping to change the lives of thousands who cannot access traditional sources of income, and move them to self-reliance. Through Paglaum Multi-Purpose Cooperative and the Kiva lending platform, the Mercy Foundation was able to finance Charlotte’s loan. Therefore, she is one step closer to realizing her dream for a better farm. All these organizations are improving the lives of people across the globe. Hence, by giving them the tools that they need to escape the poverty, their lives are improved. The way the system works is straightforward. First, Kiva brings donors together. Then, organizations like Paglaum Multi-Purpose Cooperative identify people on the ground who are in need of funding. As a result, together, we can fulfill the mission to provide microfinance services to those who need them the most. In conclusion, If you would like to change the life of a needy entrepreneur as Mercy Foundation has, you should visit www.kiva.org. The website has thousands of entrepreneurs who are in desperate need of microfinance services. Notes
- This article is based on https://www.kiva.org/lend/787775