Janeth

Loan description:

Everyone knows that gold is valuable and that is why a lot of people try to acquire wealth through illegal gold mining, causing destruction to the environment. But in the area of Buswang Cambang-ug, in the town of Toledo, Cebu province, the local government has provided a small area where people can build a small mining business legally, causing no harm to the environment. Janeth Villacencio is 22 years old and married to Arnell, who is also 22. Janeth also supports her 4 year old niece and 5 year old nephew. For the past 15 years, her family has been engaged in mining in the area. To support their daily living Janeth and her family manually gather small amounts of gold to sell. Her husband Arnel also helps in the mining business. The government has provided traditional equipment that they are using together with other miners in the town. Because gold is not easily found, Janeth and her husband must work very hard to gather even a small volume of gold fragments. She does not consider the other miners as competitors because they were given equal opportunities to earn income. Their earnings depend on luck and hard work. Janeth sought the assistance of the microfinance organisation, Lamac Multi-Purpose Cooperative for a loan that could serve as additional working capital for the business. A part of the loan will be used in the maintenance of the equipment since they have a responsibility to maintain its condition and some will be used to purchase tools and materials like baskets and sacks. This is now Janeth's 8th loan from the institution. The income she will receive is for the education of her dependents and for future business activity. She promised to repay the loan over a period of 6 months.