Wazzup Pilipinas!
Fifty-eight year old Josefina from Trinidad, Bohol only had P15,000 in savings when she started her small sari-sari store in 1999. Wanting to support the growing needs of her nephews, being single herself, Josefina requested P20,000 which she used to expand her business and attract more customers. She received financial assistance from 15 individual microlenders via one of Kiva’s Field Partners, Community Economic Ventures, Inc., which provides not only loans but training and insurance coverage as well.
Cebu-based Shayne Mae, on the other hand, is a hardworking entrepreneur who also needed additional funds to use as a working capital for her clothing sales business. With the assistance of eight individual microlenders under another Kiva Field Partner, Negros Women for Tomorrow Foundation (NWTF), Shayne Mae was able to borrow P11,999 to sustain her business. She dreams of saving enough money to send her children to college and renovate her family home.
Josefina and Shayne Mae are just two of hundreds of Filipinos which Globe Telecom and international non-profit organization Kiva are crowdfunding loans to create sustainable livelihood opportunities for the underserved population in the country.
San Francisco-based Kiva is an online crowdfunding platform that enables anyone in the world to make a microloan to micro enterprises in over 80 countries in the areas of agriculture, food, retail, and services in a bid to alleviate poverty.