Ivy

Loan description:

Ivy Barrera is 50 years old, married and lives in the town of Oslob in Cebu province. Ivy has grown up children who live separately but she supports the needs of her 12 year old nephew and 10 year old niece who are both studying at primary school. Ivy and her 50 year old husband, Francisco, are owners of a souvenir store located in the nearby village of Tan-awan. Their business is situated near a local beach area where a number of local people and tourists go to have a day out. They offer a wide array of garments and souvenirs which are very salable especially to those who want to purchase affordable souvenirs. Ivy sells shirts with well-designed nature prints that promote the province. She also sells caps, sunglasses and other types of accessories. As well as cheap souvenirs which can be bought by visitors for their loved ones either overseas or in other provinces. Aside from these items, Ivy also offers several food items like biscuits, bread, crisps and drinks. This provides her with another opportunity to earn a little more income. She always has a large rubbish bin by her shop where customers can put their rubbish in order to keep the beach front clean. All of her garments and souvenir items are from a local distributor in the province. She buys them in bulk in order to increase her profit margins. She is regularly assisted by her husband and one dedicated helper, especially during the summer and holiday seasons when the number of customers are doubled or even tripled. Their shop has been a vital source of income for their family for almost two years. Ivy has been a member of the microfinance organisation, Lamac Multi-Purpose Cooperative, for six years and has already completed four loan cycles. She has decided to avail one more loan to enable her to further diversify her stock. The loan amounting to $2442 or 100,000 Philippine pesos will be used to acquire garments and souvenir items in larger quantities as well as buy additional stocks of food items which will generally give her better yields in sales and income. She will save her income in her savings deposit account to ensure the continuity of growth and success for her business. Ivy is willing to settle her loan over a term of eighteen months. She is looking forward to having a large souvenir shop in the province someday.