Johanna is 35 years old. She has a 10 years old son, is a single mother and lives in the community of Hatillo. She has been part of the Microbank La Union for the last 3 years and runs a beauty salon.
Johanna has been involved in the beauty business for the last 15 years and she has made her passion her career. She is a honest, committed and responsible business owner and her fellow associates at the Microbank La Union feel the same about her. These are the qualities we at Microfinance (MF) are looking for in the communities we work in: Johanna is a great candidate to keep on investing in.
Johanna’s beauty salon is 4 miles from her house. She has not had her own transportation and public transportation (as we in developed countries know it) does not exist. Her options are either pay a “motoconcho” (the dominican version of a motorcycle taxi) or walking. Because “motoconchos” are expensive, often Johanna decides to walk to work down a small mountain road that takes her through the river.
Johanna has recently applied for a new loan whose proceeds will be invested in a new beauty salon (closer to her home) and in building a new house in the area where mum, grandma and the rest of the family live.
When we sat down with Johanna to review her application, we asked her to show us the accounting books for her business. We knew this was a tough request, as only a few businesses have a proper record of its commercial transactions.
MF wants to keep accompanying Johanna in her business, but we also want to develop financial habits that will help her to properly manage her business.
As we’ve been explaining, the micro-loans are only a part of what we do here at MF. To facilitate savings and financial education are also an important part of our activity within the communities.
Johanna has perfectly paid her MF loans so far and she properly manages her business from a commercial perspective. We believe it is time for Johanna to develop her management skills and having basic financial information is key.
Johanna has committed to write down every cash transaction that occurs in her business during the following month. We’ll meet her along the process to assess how things are going so we can advise her of the best way of organizing information.
With no doubt, Johanna is committed to her future, and MF wants to be part of her success.
If you are interested in knowing more of our work, please go to the Facts and the Microfinance pages for some insight of what Microfinance is about and interesting information of the country where we are.
If you want to join the team, go to the Donate section.
God bless you¡
Alvaro & Raquel