MABS-DESIGNED LOANS GROW VEGETABLE STALL
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“I started with only a small table selling a few vegetables. Then I received a group loan. My business started growing little by little with the money I borrowed; however, I needed a bigger capital than what the group loan
could offer.”
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Emilia Montinola sells vegetables and other items on wholesale and retail bases in San Carlos City’s public market.
She has been in the business for fifteen years and now occupies two stalls in the public market area. In addition to vegetables, she also sells peanuts in a stand outside her home.
“I started with only a small table selling a few vegetables. Then I received a group loan. My business started growing little by little with the money I borrowed; however, I needed a bigger capital than what the group loan
could offer.”
After Mrs. Montinola paid up her group loan, an account officer from the New Rural Bank of Victorias in San Carlos City introduced her to ABYAN, a MABS-designed loan product specifically for microenterprises operating for over a year. Mrs. Montinola got interested in ABYAN and applied for a loan. She borrowed PhP10,000 for her first loan and used this to purchase additional stocks and equipment that she needed in her store. A few loans later, she was able to occupy two stalls and purchase additional items like peanuts, which she buys in Dumaguete City. She is now on her fifth loan of PhP30,000.
“I am so happy that I applied for the ABYAN loan. Before, I was content in seeing my business doing okay. I never thought I would be given the chance to expand my business. Besides, where would I get the money? Then ABYAN came along and everything got better. On top of that, I have increased my savings in the bank.”
Asked about her future plans, Mrs. Montinola smiles and says, “I plan to open another store but I am not yet sure what type of store that will be. I also plan to sell peanuts on a wholesale basis.”
Emilia Montinola’s exceptional business management capabilities were recognized recently when she was chosen as Citibank’s 1st Runner-up for the “Microentrepreneur of the Year” Award for 2002.
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