Mercy Foundation Funds Microloan
About the Microloan Recipient - AnnabelleyThe Mercy Foundation funded a microloan to Annabelley, a general store owner in the Philippines. Annabelley is a married woman with three children. She is a very hardworking entrepreneur. She is 32 years old and all of her children are in school. Annabelley has a general store business in the Philippines. She requested a PHP 10,000 loan amount through NWTF in order to purchase more items like canned goods, rice, noodles and other groceries. Annabelley has been in this business for seven years. In the future, she would like to save enough money to expand her business and continue to send her children to school. In the Philippines, where Annabelley operates her business and lives with her family, the average annual income is just $7,000. Because of this fact, microloans of even just a few hundred dollars can make a strong positive impact for entrepreneurs in the nation like her. One day, Annabelley wants her business to be completely financially self-sustaining. Therefore, this microloan can help her get one step closer to reaching that goal.
Microloan Partner - NWTFThe field partner for this microfinance loan 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. With the help of the Negros Women for Tomorrow Foundation, the Mercy Foundation successfully funded this microloan to Annabelley. Consequently, this is excellent news for her, her family, and everyone in her community who purchases items from her general store. The Mercy Foundation will not receive any interest on this microfinance loan to Annabelley. This is because the microloan is specifically intended to just be a humanitarian effort to help an entrepreneur in need. The local field partner, however, may collect interest on the microloan. Despite the fact that Annabelley has now had her microloan funded, there are still many entrepreneurs around the world who desperately need access to capital. If you would like to fund 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/825900.