Just finished lending out all the money raised thus far...leaving $12 in the bank still to be lent out. here are the new additions:
Julio is a native of Salitre, Ecuador, and he has been working in rice farming his entire life. On his farm, he has rice and also some cows and bulls. With the loan, he will buy fertilizer for rice farming as he hopes to increase his productivity. The fertilizer helps increase the yield per plot and it also provides rice of better quality. He dreams of fixing his home, which is made out of wood and is vulnerable to rains. On his farm he also has a couple of horses.
He is the latest addition to one of the new Communal Banks in the Mifex Rural Finance Program. All of the members of the 10 de enero Communal Bank are part of an Association of Rice Farmers in Salitre named 10 de enero. They will use the microloans to prepare the lands and cultivate rice on their farms. Because they form part of a communal bank, they are all each others' guarantors for the loan. This means that if for some reason one person in the group cannot fully repay the loan, the other borrowers and the 10 de enero Association are responsible for the amount in default. The members of the bank also participate in a program designed to teach and encourage savings among the group. Promoting savings is often forgotten in many microfinance programs, but is imperative for the communities Mifex works with to have capital reserved for future investments or unexpected difficulties.
Jacinta Njeri Magondu is 50 years old and is a widow. She has five children, four of whom are of school-going age; some are in college. She is a trained nurse. She also owns some rental houses which support her in meeting her diverse needs.
Despite the fact that Jacinta has really tried to meet all her expenses, she still has problems paying school fees for her children. She now wants to venture into a new business that she thinks will add to her monthly returns and thus improve her financial status.
Jacinta is requesting a loan of US$ 700 to add to her capital and start a cereal-selling business. She has a well-projected market and she is expecting to increase her income if she manages to start the cereal shop. She intends to use US$ 200 to buy 10 bags of maize, US$ 100 to buy 10 bags of millet, US$ 200 to buy 5 bags of wheat, US$ 100 to buy 5 bags of beans, and US$ 100 to transport the cereals to her shop. Jacinta is a hardworking woman who believes that the sky is her only limit.
Juan was born in Salitre over 70 years ago. He has a small farm that has helped him feed and educate his children for a lifetime. On his farm he grows rice, maize and sweet potatoes. He lives with his wife in their home. He hopes to invest the loan in agriculture so he can continue to feed himself and not depend on others.
He is the latest addition to one of the new Communal Banks in the Mifex Rural Finance Program. All of the members of the Buena Suerte de Salitre Communal Bank are part of an Association of Rice Farmers. They will use the microloans to prepare the lands and cultivate rice on their farms. Because they form part of a communal bank, they are all each other's guarantors for the loan. This means that if for some reason one person in the group cannot fully repay the loan, the other borrowers and the Buena Suerte Association are responsible for the amount in default. The members of the bank also participate in a program designed to teach and encourage savings among the group. Promoting savings is often forgotten in many microfinance programs, but is imperative for the communities Mifex works with to have capital reserved for future investments or unexpected difficulties.
Auk Pheakdey is 32 years old and a mother of three children, who are students. She lives with her husband in Phnom Penh, Cambodia. She operates her business by selling grocery products including Chinese noodles, instant noodle soup and porridge, at the local market. She usually makes about $5/day. Her husband works at a private company as a driver and contributes his salary to help support the family. Pheakdey needs the loan to purchase some grocery items and utensils for her business. Eventually, Pheakdey hopes to own a stand so that she no longer has to spend money renting one. She also wishes to be able to provide an education for her children.
May 20th, 2007 at 01:33 pm 1179668000