One of the challenges we face while growing the network of shopkeepers is the need of our customers for financing so they can afford our product. We have made Tiendatek as cheap as possible but that’s still too much for a shopkeeper to pay in one go.
Fortunately for us, we were able to become one of Kiva’s new “Non Traditional Partners”, meaning social enterprises that are not microfinance institutions but whose customers at the BOP also need loans. After a really thorough due diligence process, we were accepted and trained. Today we are very happy to announce our first online loan.
Please meet Ana Karen, a shopkeeper here in Mexico City:
You can help her secure the financing required by lending money to her on this Kiva page. Frogtek will merely be the operating partner, channeling the funds back and forth between the shopkeeper and Kiva. Going forward, we plan on adding many more of our outstanding clients to the website and you’ll be able to find them on this page.
Eventually we will complement this “retail” approach with a more efficient “wholesale” mechanism that will raise a fund specialized in this type of lending. If you’re interested, you can find more details here (Invested Development is one of our current investors).
Go Ana Karen and thanks a lot to Kiva for helping make this happen!
UPDATE: in less than 6 hours, the loan was fully funded 😉 Very amazing speed!