PlaNet Finance UK

Success Stories

Philippines

PlaNet Finance granted a US$10,000 loan to Baba's Foundation, a microfinance institution that provides financial services to poor people in the Philippines.

Baba's Foundation, located in Mindanao, one of the most impoverished islands in the Philippines, grants loans at very low interest rates to women in the shantytowns and currently has over 864 clients.

Letecia Espina purchased fabric and a sewing machine for her cloth-shoe business thanks to a US$60 loan from the Baba Foundation. With this initial loan, Letecia increased her revenue and repaid the sum in full. Recently, Letecia was able to purchase another sewing machine and hire her cousin. Letecia is proud to earn a stable income for her family (3 children aged 7, 8 and 11).

Bengladesh

35 year old Malati Bag, a domestic worker, and her husband Kartik Bag, a daily laborer, found it difficult to meet the daily needs of their Bengalese family of four. They suffered from physical and mental distress and malnutrition.

Malati took a small loan of Rs.1000 to start a business courtesy of Bandhan, an organization working for the poor. The loan helped her to buy vegetables and sell it in the market that generated a profit of Rs.30 to Rs.80 for her everyday. She left her previous occupation and concentrated on this new business.

Today she can afford three meals a day for her family and proper rest for herself and her husband. Also, she has re-paid the loan and bought a life insurance policy for herself. The first step of a bright future has already begun.

China

In March 2002 Mr Lan Guiyin, a farmer and his family in the Guangxi Province of China, borrowed 2,000 Yuan (about $250) from one of PlaNet Finance China's partners.

Mr Lan and his family recruited four other farming families to join in a pig raising venture. After training, each family received loans and bought 25 piglets to raise. In their first year the group made a profit of 4,100 Yuan, and in their second year 5,800 Yuan plus benefiting from more food for themselves. Most importantly, they paid back their loans on schedule and learned new skills from regular group meetings, part of the structure of the microfinance system. They can now pay their children's school fees without worry: an added benefit from their community project.