Teodoro and Wilma De Chavez of Batangas casually speak of their thriving business and its humble beginnings. “It was a small investment and easy to do,” shrugs Teodoro.
In July 2001, Teodoro and Wilma received a loan of 10,000 pesos from a nearby rural bank, Bangko Kabayan, to help finance an entrepreneurial idea. Since then, the De Chavez’ have developed an efficiently run cookie production business. A team of six employees work for Teodoro, Monday through Saturday, eight hours a day, to produce panucha and pakumbô, local treats made from peanuts and coconut (respectively).
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Wilma manages sales with local vendors. “So far, demand is greater than supply.
We can’t keep up with requests,” she says. “We’re hoping to take out a second loan to purchase more raw materials so that we can produce as much as is demanded.”
The income from sales has adequately covered the enterprise’s expenses; however, an additional loan will help purchase equipment that would otherwise not be accessible to the couple.
More raw materials and greater production could very well mean more employees. The enterprise currently produces and sells 500 packages of 30 cookies a day. Labor required to sell these goods includes production, packaging and delivery – no small task.
Loan officers at Bangko Kabayan are amazed at the couple’s success. “This sort of success is usually seen only among borrowers who have been clients for at least one year, if not longer,” says loan officer Chito Romero. “The De Chavez’ have achieved a great thing in only four months with their business.”
The KABAYAN loan program was developed by Bangko Kabayan through its participation in the Microenterprise Access to Banking Services (MABS) program.
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