Steven

Mr. Steven is 43 years old and married with three children ages between 6 to 10 years old. All of his children attends the local school found in Cebu province. Since 2017, Steven has been driving his own tricycle. He transports passengers in the town and asks for a mandatory fare to earn income. Meanwhile, Florame was a salary-paid worker until she stopped working a few years ago. She now operates a sari-sari store and is engaged in making candles to keep earning an income while staying home.

The couple has worked together for four years to manage their candle-making business. They now have regular resellers of their candles who pick up the items from their house every week.

Every week, the couple produces at least 8,000 pieces of candles. The day the loan officer visited them, they were making candles. Steven said, they are now increasing the number of candles they have to make in preparation for April to June. They expect an increase in their demand of the candle because many villages celebrate annual fiestas. The peak season for candles is usually the months of October and November and during this time they hire four people who will help them in making candles to meet the orders of their resellers. November last year, the total production of candles was 90,000 pieces. Steven buys the candle wax and strings from their suppliers found in the town of Minglanilla. The income generated by the business has helped the couple to build a decent house for them to live in. Two years ago, Florame decided to open a small-scale sari-sari store business in front of their house. She sells rice, feeds, soft drinks, beers, and various grocery items that are commonly needed by their neighbours. She allows credit to a few of her regular customers who are salary-paid workers. Her daily sales range from 1,000 to 2,500 pesos (£14.96 to £ 37.40). Having this store helps the couple to deal with their daily household expenses.

Recently, Steven decided to become a member of the MFI Lamac and applied for his first loan. He wants to access more working capital for their candle-making enterprise and also buy bulk groceries to restock the store of his wife. He will buy 4 sacks (50 kilos/sack) of candle wax that cost 6,000.00 pesos (£89.76) per sack and 3 kilos of candle strings. Steven hopes that their businesses will continue to progress for it will surely help to improve their living status. He will repay the loan in twelve monthly instalments.