113 Microfinance Tweeters to Follow

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I had the most wonderful surprise this past weekend.  Upon checking my feeds on Twitter, someone had mentioned that I was listed on SocialEarth’s 113 Microfinance Tweeters to Follow.  I was listed under the subcategory of “Microfinance Supporters”.

Given that I’m still a relative novice to the field of microfinance, I was totally flabberghasted to be recognized with such great company.  I’ve been participating recently in online conversations about microfinance on Twitter, so I’ve built up a considerable network of knowledgeable resources who are experts in this field (many of whom are also on the list).  I hope that topics and issues that arise from those discussions will result in more information that can be shared on this blog.

If you are not on Twitter already, I would encourage you to sign up and start following some of the other Microfinance Tweeters recognized by SocialEarth.  You can also follow and/or participate in discussions about microfinance in a Twitter forum called “Microloan Mondays” hosted by OptInNow.  Once you’re on Twitter, search the character string #mifimon to find out when the next discussion will take place.

You can follow my tweets on the sidebar of this blog or directly on Twitter.

Encouraging Economic Development

Image via Wikipedia

I’m in the middle of reading In the River They Swim, a collection essays written by various individuals from the governmental, for-profit, and not-for-profit sectors with a common thread of fight poverty through enterprise solutions.  Once I’ve completed the entire book, I’ll compose another blog entry to record my thoughts and observations on the whole collection….a personal book review of sorts.

Right now, I can’t help but be encouraged and inspired by the first essay written by President Paul Kagame of Rwanda.    The Rwandan leader’s personal view of his country’s future is one full of optimism and great promise.  In a Financial Times op-ed piece, President Kagame suggests that Rwanda and other African countries must wean themselves off of foreign government assistance (not to be confused with humanitarian aid).  Instead of relying on foreign aid, governments should be providing the infrastructure that encourages economic development — which leads to job creation and poverty reduction.  President Kagame states that he continues to support existing industries — such as coffee, tea, and tourism (as stated in the FT piece) — and looks to develop new industries — such as communications/information technology, financial services, and education (as indicated in his essay).

When asked what he wanted to do when he was older, a young man told President Kagame he wanted to start his own private business.  President Kagame and his administration are committed to making that young man’s dream a reality.

The end of his essay sums up his role:

“Our job in leadership is to provide opportunities.  We must use the means available institutionally to do the things that will help people develop their capacities, their potential, and their talents and then allow them to compete….I consider entrepreneurship to be, simply, the backbone of a new Rwanda….” (p. 14)

How’s does someone living on the other side of the world support President Kagame’s campaign to encourage entrepreneurship and alleviate poverty?  In my case, I made a Kiva microloan to a Rwandan entrepreneur named Helene.  Helene runs a stationery store/photocopy center and is using her microloan to expand her business.  Thanks to Kiva, individuals from around the world can help create the opportunities mentioned by President Kagame.

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On a personal note — I am very enthusiastic that, in my homeland of the Philippines, President Gloria Macapagal Arroyo has made microfinance and the development of small/medium enterprises (SMEs) centerpieces in her administration’s agenda.  There are several microfinance instiutions operating in the Philippines, and Kiva is currently partnered with eight organizations that provide microloans to Filipinos.  I am grateful to Kiva for the opportunity to help others out of poverty through economic development, not just in the Philippines, but in all parts of the world.

Special Note:

This blog post is part of Zemanta’s “Blogging For a Cause” campaign to raise awareness and funds for worthy causes that bloggers care about.

Kiva Loans 91 to 100

It’s that time again.  Here are the new Kiva loan descriptions for May.  If you’ve been following my monthly updates, you know that there’s now a significant delay between when I make the loan and when my loan description hits the blog.  One advantage of this delay is that I can include information I receive from any borrower updates provided by Kiva or its Field Partners after the loan is disbursed.

Loan #91

Perlita Sanchez (Philippines)  - Perlita is a seamstress who operates a dress shop out of her home.  She has been in business for almost 30 years.  Her original loan requested stated that she would use her loan to purchase additional materials for her business and possibly invest in a new business.  When the loan officer performed the verification check on Perlita’s loan, he indicated she used the funds to purchase fabric and have repair work done on her sewing machine….which is a good thing since it means Perlita stays in business and doesn’t fall behind on customer orders.  I chose to loan to Perlita because she is an established businesswoman and her loan term would be completed in five monthly installments.

Loan #92

Timoteo Tabaranza (Philippines)  - Timoteo and his wife operate a retail business selling various fuel sources – such as coconut shells, charcoal, and gasoline.  This business enables them to support their five children.  Timoteo will use the loan to increase his inventory of charcoal and coconut shells.  I chose this loan primarily for the short loan term – five monthly repayments.

 

Loan #93

Pacita Pantila (Philippines) - Pacita has a “rolling store” (as evident by her motorbike) in which she travels to different neighborhoods selling vegetables and ready-made snacks.  She will use her loan to purchase additional food items for her business.  Pacita has five children; her income helps support her two youngest children who are still in school.  I selected this loan because of my affinity to food-related businesses and its short term (7 monthly payments).

Loan #94

Josephine Baysa (Philippines) – Another food business.  Josephine sells prepared meals outside of a local school.  She has worked as a food vendor for six years.  Josephine plans to use her loan to restock her inventory of ingredients used in food preparation.  This loan will be paid back in 7 monthly installments.

 

Loan #95

Lynneth Embargo (Philippines) – Lynneth is a barbecue vendor, selling primarily grilled chicken.  She was raised by her grandmother after the death of her parents.  Lynneth was forced to drop out of college and go into business so that she could support her grandmother.  She requested this loan so that she could purchase a large volume of whole chickens.  An update from the HSPFI loan officer indicated that Lynneth was able to generate more income so that she could pay for her grandmother’s medication.

Loan #96

Annalyn Rubis (Philippines) - Annalyn currently pursues two business ventures.  She is a traveling snack vendor and also raises chickens.  Her loan will be invested into her snack business; she will be purchasing more merchandise for food preparation and resale.  Annalyn and her husband have three young children.  She hopes the additional income will enable her children to finish their education.

Loan #97

Luzviminda Evangelista (Philippines)  - Luzviminda is a traveling frozen foods vendor.  She travels throughout her neighborhood on her motorbike selling meats, fish, chicken and vegetables.  The loan will be used to purchase additional products for sale.  Upon a visit from her loan officer, Luzviminda indicated that she now generates a higher income and is able to keep up with the demands of her customers.

Loan #98

Evelyn Bantilan (Philippines) - Evelyn has been a member of the PMPC cooperative for two years.  The support and services provided by the cooperative have enabled Evelyn to remain in business as a coconut vendor.  Her current loan request will be used to increase her inventory of whole coconuts and coconut shells.  Evelyn’s business is her family’s only source of income, since her husband is unable to work because of illness.

Loan #99

Teresita Poligrates (Philippines) - Teresita works as a fish vendor at a local market.  She has been a member of the PMPC cooperative for four years and has already paid back six previous loans.  Teresita’s current loan will enable her to purchase fish in bulk.  When she is not selling at the market, Tersita travels throughout the neighborhood delivering fish to her customers.  I selected Teresita’s loan because of her excellent repayment history.

Loan #100

Elizabeth Habunal (Philippines) - When Elizabeth started in the food business, she sold only three types of dishes.  She then heard about the services provided by the PMPC cooperative and joined more than a year ago.  Her first loan was used to establish her restaurant location and she successfully paid it back.  With this current loan request, Elizabeth looks to expand her restaurant.  During a loan verfication visit, Elizabeth’s loan officer took note of the increased variety of food being offered to customers.

Name Change

You will notice that something’s a bit different.  Yes, I changed the name of the blog.

You might be wondering, “WHY?”

Two reasons….First, I came across the blog for ACCION USA and, you guessed it, it was called Main Street Microfinance.  One of the key rules in marketing (not that I’m trying to sell anything here, just share thoughts and ideas) is to differentiate yourself from the crowd.  Second, my interest in the topic of poverty alleviation has expanded to other channels beyond microfinance, such as international development and social entrepreneurship, and how everyday individuals can become part of these solutions.  The name change reflects the widening of this scope for discussion topics.

What won’t change:

- My level of interest in microfinance.  I’m still a committed P2P microlender, and I will continue to share the individual stories of entrepreneurs in the developing world who are taking the initiative to improve their lives, the well-being of their families, and their communities.

- The URL address, Twitter page, and e-mail will remain the same.  So there’s no need to reset any bookmarks if you have the blog saved as a favorite page.

Most of all, I want to thank everyone who has taken time to visit the site, contribute to the discussions, and share their microfinance experiences.  Learning is definitely a two-way street and I continue to be enriched by all who participate.

OptInNow Loan #4

I enjoy reading success stories, not necessarily the ones that occur overnight, but the ones that develop slowly over time.  Such is the case with my latest loan through OptInNow.

Eisenhower Manlabao and his wife operate two businesses.  He started out as a meat vendor, operating his own stall in the local market.  After establishing a regular stream of customers, he opened a refreshment stand adjacent to his meat vending stall.  The second business was to slow to generate income, but now both ventures are operating with a small profit.  Eisenhower is requesting a loan to purchase cooking equipment of the refreshment stand and meat for his butcher stall.  He hopes to generate enough income to reinvest in a third business — a small grocery store.  Eisenhower and his wife are proud that their businesses have created employment opportunities in their community.  In addition to being a respected businessman, Eisenhower also serves his community as a village councilman.

Below are pictures of Eisenhower at both of his businesses: