Eugenio

Loan description:

Eugenio is 70 years old and married with eight children. Eugenio and his wife have five boys and three girls. The youngest is 19 years old and the oldest is 44. All of his children, except one, work and one of his daughters is still at school. One of his sons works as a civil servant. Eugenio owns a small convenience store in Vilcabamba, five minutes away from his home, and he sells all kinds of goods including stationery, household products, rice and dried corn. He rents the store but has been working there for over 15 years. His wife stays at home and looks after their daughter and their animals. Eugenio used to work in agriculture before opening his store but the store enabled him to make higher profits more quickly. Agriculture is also more risky. Eugenio has been with the microfinance organisation, FACES, for two years and the credit they have provided has made it possible for him to buy enough stock to always keep his store fully stocked. The recent loan he acquired will be used to buy more stock in bulk and keep his shop running successfully. The profit he makes from his shop he will use to renovate the shop. At the moment the roof is being fixed but once this is complete he will make some further renovations. Eugenio will repay his loan over 12 months.