Monday, November 12, 2007

Giving Back

So, here's more about our sponsored business owner: After researching the pages and pages of business owners looking for a loan (most of which were smart, single parents with the responsibility of caring for multiple children and elderly relatives), we chose Mr. Herminio Cantero from Paraguay. Herminio is 47 years old, and he and his wife of 23 years, Isabel, have 4 children together. When he was 27 he started working cultivating his land. At that time he and his wife decided to take their small savings of US $160 and invest it to create a small garden where they cultivated various types of vegetables.

Thanks to their effort and enthusiasm, after 20 years they continue to dedicate themselves to the same business which they have now expanded into a large production where they grow an enormous variety of agricultural products. All of the children help them on the farm in addition to 19 employees who help with different activities such as irrigation, cultivation and plowing the land.

Currently he distributes his products to various supermarkets. His dream is to construct an artesian well for the irrigation of his cultivations. Herminio asked for a $600.00 loan to build a greenhouse to increase his output. The loan is a 12 month loan to be paid back monthly. His loan was disbursed on September 20. As of today, 8% of this loan has been paid back.

In beginning this process, we also researched the credentials of the local microloan institutions that oversee the selection of potential borrowers and the disbursement of funds. We chose Herminio partly because he was chosen by Fundacion Paraguaya, an organization with a zero percent default and delinquency rate, with 596 loans currently disbursed on Kiva.

We'll keep updating the info we receive on Herminio. It feels good to use our own blessings to support a hard working fellow human being. You should check it out too, www.kiva.org.