The loan group finished up repayment on their loan without any late payments, saving the group $2,212! As a result they did not have to pay the 16th installment of their loan. The group has already received their next loan for $37,000 in total. For this loan cycle Maria took a loan of $6,000, Irma took a loan of $6,000, Imelda took a loan of $10,000, Mirna took a loan of $8,000 and Emigdio took a loan of $7,000. Weekly payments on this loan will be $2,727.

It took a little longer than normal to sign the loan agreement and disburse the loan because Maria's mother got sick and she had to go out of town. This loan cycle Emigdio is changing to a new business of driving a dump truck to take building supplies to a construction site. During the low season his fruit and vegetable business declined to the point that he decided it no longer made sense to continue.  Irma is pregnant with her second child but is planning to keep working selling shoes and will invest her loan in buying more inventory.

Many Americans and Canadians spend the cold winter months in Vallarta and the loan group is excited to be receiving their loan at this time of year. It will let them stock up on inventory ahead of the most economically active months of the year!

The loan group again made their weekly payment on time last week.  However, Emigdio is having a rough time with his fruit and vegetable business. He normally drives to the nearby city of Tepic on Monday to stock up on produce and then spends the rest of the week selling the fruits and vegetables. However, the heat and rain during the summer months mean that his inventory spoils very quickly, often before he is able to sell all of it. To help make ends meet, he sets up a stand outside of his mother’s grocery store and sells clothing. However, he is eagerly awaiting the end to the rainy season.

Road damage caused by summer storms

The loan group made their fourth of sixteen payments on Thursday, September 1st. Each of the first four payments has been made in full, on time. However, during the rainy season the economic situation in the town this group lives in becomes very difficult. Many families depend on the tourism industry for jobs, but few tourists come to visit because of the heat and rain. For the next six weeks it will likely be very challenging for the group to make enough money from their business to continue to pay on time.



 

Photo Credit: Elizabeth Lloyd Photography


Guadalupe is the President of the loan group. She has a small grocery store and has worked in the same business for 20 years. She has six children, twenty-one grandchildren, and 5 great-grandchildren. She first came to Sé Más for a $250 loan to fix a refrigerator in her store. She explained, “It is necessary to have working refrigerators to sell beverages during the hottest part of the year.” Since fixing her refrigerator she has used additional loans to stock her store with a more diverse selection of merchandise in order to attract more customers. Because of her increased revenue she says both her work and personal life have improved: her family has increased access to education and healthcare, and her income is much more stable. 

Loan group "The Successful Entrepreneurs" is in its fourth loan cycle with Sé Más. The five clients in this group recently received a loan for $30,000 pesos (~$2,550 USD).

Guadalupe: Received a loan for $5,000 pesos ($426 USD) and makes weekly payments of $369 pesos ($31.50 USD). She used the loan to buy new racks to display merchandise in her store and to expand her inventory to include small gift items for birthdays and other special occasions.

Mirna: Received a loan for $7,000 pesos ($596.50 USD) and makes weekly payments of $516 pesos ($44 USD). She used the loan to buy stock of the vitamin supplements and other health products that she sells to her friends and neighbors.

Imelda: Received a loan for $9,000 pesos ($767 USD) and makes weekly payments of $663 pesos ($56.50 USD). She used the loan to buy shoes for her shoe store, specifically sandals to sell during the hot summer months.

Emigdio: Received a loan for $5,000 pesos ($426 USD) and makes weekly payments of $369 pesos ($31.50 USD). He travels around town and sells fruits and vegetables out of the back of his truck and used the loan to make repairs to his vehicle.

Irma: Received a loan for $4,000 pesos ($341 USD) and makes weekly payments of $295 pesos ($25 USD). She used the money to buy bedspreads to sell to her friends and neighbors.

Sé Más is a microfinance organization that works in Bahia de Banderas, Mexico, providing group loans to support micro enterprises.

Mission

To offer quality financial services – coupled with financial education – that respond to the needs of low income families and can help them to significantly improve their economic situation

Vision

Our financial services and financial education programs will act as a catalyst to boost and keep our clients out of poverty, allowing them to provide a better quality of life for their families

About Sé Más

Sé Más is a social enterprise that provides group loans to support micro enterprises. We place a heavy focus on financial education and business development skills, working closely with clients to help them build solutions for a better quality of life over the long-term.

We provide loans to small businesses through the solidarity loan group model. Individual business owners come together with a group of at least five trusted friends to apply for loans. Loans for each individual range from $1,000 to $8,000 pesos (~$100 to ~$800 USD). Groups pay back their loans over 16 weeks in weekly installments deposited at a bank. Typical loans might be used to buy inventory for a small grocery store, fishing nets, or new tables and chairs for a taco stand.

Our model is unique in its heavy focus on financial education. Clients are provided with four hours of financial literacy training before loans are disbursed, and a weekly session on business development skills during the loan cycle. The focus on education helps ensure that clients are able to use our financial products to improve their financial stability and increase their income.