CANDELARIA LAHER: Microloan Facilitates Diversification
Mrs. Candelaria Laher starts her day before dawn. Like all the other fish vendors at the Abuyog Public Market, she must get her daily supply of fish and arrange the produce in her stall before the first few customers arrive. By 6 AM, behind rows of neatly displayed fish, Mrs. Laher starts business for the day.
These days, there are two more reasons why she is up so early. Mrs. Laher now owns a carenderia (small eatery) and an ice-making business. Through business savvy, she has managed to establish two more enterprises from the BINHÍ microloans she received from the Rural Bank of Dulag.
The Rural Bank of Dulag has been offering the BINHÍ since November 2001. The loan is designed specifically for small entrepreneurs who would, otherwise, resort to borrowing from loan sharks. The Rural Bank of Dulag developed the BINHÍ after thorough training and technical assistance from MABS technical specialists.
When the microfinance supervisor of the bank told her about the loan, Mrs. Laher immediately applied for one. Her loan application was approved and she received 30,000 pesos (about $600). Her initial plan was to use the money to expand her existing fish business. After mulling over her options, she decided it was more profitable to start an entirely new venture, ice making.
From years of selling fish, Mrs. Laher was aware of the huge demand for ice, which is used for keeping the fish fresh throughout the day. The very few existing suppliers of ice could not keep up with the growing demand, often leaving vendors with spoiled, unsold fish. Mrs. Laher decided to start the ice-making business and, using her loan, purchased an ice-making machine.
The decision proved to be wise, as profits from the business quickly poured in.
With the profits, she was also able to open a carenderia near the Abuyog Public Market. Since the market is Abuyog’s commercial hub, her carenderia is almost always full of customers – market-goers, jeepney and tricycle drivers, and commuters. Her businesses have been doing so well that she has hired a waitress and a cook to help her run the carenderia while another employee oversees the daily operations of the ice business.
A true businesswoman, Mrs. Laher confesses she has always wanted to expand, “I never had any extra money before,” she explained, “It wasn’t until the BINHÍ that I had the chance to make my business grow.” Despite working three times as hard, she is satisfied with the results of her ventures, “Now, I am not only earning more, I am also helping my fellow vendors and able to give jobs to other people.”
Recent Comments