Jennifer

Loan description:

Jennifer Langcamon is a 36 year old married woman, she has 3 young children ages 12, 10 and 8 who are all studying in the local school. Her husband is Ike, 39 years old and a businessman. They live in Cebu province. Jennifer is a wholesaler of agricultural products. Her shop is situated in the public market and strategically located in an area adjacent to the town hall. She sells rice, maize, animal feeds and veterinary products. She employs three full-time workers. Jennifer runs the business manning the shop and taking on board the requests of her customers. She sells wholesale and retail. This has been her business for the past three years after deciding to leave her previous job as an employee of a furniture company and start her own business. Her income ranges from 1000 to 2000 Philippine pesos ($50 to $100) daily which is sufficient to keep the business operations active.

Jennifer is part of the microfinance organisation, First Consolidated Cooperative and she is applying for a large loan of $7875 (300,000 Philippine pesos). She intends to buy larger amounts of stock at a better price and in this way to increase her profits. Specifically, she will acquire 100 sacs of rice, that will cost approximately 150,000 Philippine pesos, and a large number of maize sacs and of animal feeds. She plans to expand her business when the opportunity arises by opening another stall in the nearby public market, employing one or two more workers. She will save a part of her income for the future college education of her children.