Florencia

Loan description:

Florencia Ocon is 60 years old and lives in the neighbourhood of Pongtud, Alegria in Surigao province. She is a widow and supports the economic needs of her two nephews aged 24 and 22 who live with her. Six years ago, Florencia started to manage a small grocery store. When she began she barely had anything. However, every month she added to her to stocks from the profits she made. She now has a well stocked small shop selling among other items biscuits, detergents soaps, sweets, breads and drinks. She also bought a small refrigerator where she stores some frozen goods. Her nephews assist her especially in arranging the products and buying additional stock from the town centre. Florencia also owns 'sing-a-long' karaoke machine which she rents out to neighbours and others in her community. Karaoke is extremely popular in the Philippines and people hire the machine for special occasions and events like birthdays, feasts and celebrations. The cost of renting the machine can be between 300-500 Philippine pesos per day. She has been an active member of the microfinance organisation Surigao Economic Development Foundation for almost four years. She has already received and repaid six loans. She has sought another loan to buy extra stock for her shop as well as pay for maintenance of her her karaoke machine. The loan is for 12 months.