Yolanda

Loan description:

Yolanda Mahusay is 40 years old and mother of two. Her eldest child is 19 years old and currently studying at college while her youngest child is 11 years old and at elementary school. Yolanda is married to Danilo who is also 40 years old. Her family lives in the neighbourhood of Oslao, which is in the town of Anao-aon, Surigao Del Norte province. Yolanda is engaged in producing various kinds of condiments. She primarily makes a condiment called “bagoong” which is made from fermented fish or shrimp and salt. Bagoong is very salable in the public market because it is very common for people to flavour their food with bagoong and other condiments such as vinegar. Yolanda stores her condiments in a number of plastic containers to keep them fresh and places small amounts into plastic bags to sell at the market. A small amount of bagoong costs only 5 Philippine pesos. Yolanda employs two relatives to assist in the producing and selling of the condiments. The microfinance organisation, Surigao Economic Development Foundation, has been supporting Yolanda's business for the past 13 years. She has applied for a small loan to purchase more ingredients for her business and have a bigger output of production. This will be her twenty-seventh short-term loan availed from the institution. She plans to use the proceeds on the studies of her children. Yolanda dreams of becoming a large supplier of bagoong in their town someday. She is willing to repay the loan over three months.