One More Day with Riza
A vulcanizing shop owner.
Riza Sumbanon is one of the recipients of a microenterprise loan from the Negros Women For Tomorrow Foundation, Inc. (NWTF), a microfinance institution (MFI) partner for Revive MFI-Ph project funded by USAID and implemented by RestartME Foundation. Under the project, select partner MFIs receive additional financing for business recovery through the Php 40-million Covid 19 Loan Fund (C-19 Fund) which they retail to qualified clients like Riza.
Hailing from Brgy. Pajo, Lambunao, Iloilo, Riza operates a small vulcanizing shop. Her husband is a farm laborer running errands and deliveries for landowners. Sometimes, their children help their father in the farm to augment his income. Together, Riza and her husband earn as much as Php500-1,000 a day which they use to support their 14-member household. All this was before the COVID-19 pandemic happened.
When the lockdowns were declared, Riza's husband lost his job at the farm. The sales of her vulcanizing shop also decreased drastically since there were fewer cargo trips in their town. Because of the COVID-19 pandemic, their household income dropped to about Php300 daily. Riza recalled tightening their belts further in order to make ends meet. Nevertheless, she is grateful for help her family received during the crisis including government assistance amounting to Php10,000 in two separate occasions.
Her new Php 20,000 loan from NWTF was also used as additional capital to purchase three (3) piglets worth Php10,500 or Php3,500 each. According to Riza, the piglets can sell for Php17,800 after four months which can give them a profit of Php7,300 to augment their income from the vulcanizing shop. And with the easing of the lockdowns, her husband is also able to go back to work.
Things are now looking brighter for Riza.
Definitely, there are challenges that lie ahead in these uncertain times of crises. Microentrepreneurs bear a great brunt of the pandemic since most of them rely on their businesses as their sole source of income. But with access to additional financing through microfinance institutions like NWTF, small business owners are able to sustain or expand their enterprises thus giving their business ventures a chance to survive or restart.
Riza said: "Malaking tulong po na nakakautang kami sa mga MFi lalo na ngayon pandemya. Nagagamit ito pandagdag capital sa negosyo at dagdag rin sa aming kita."
(The loans we are able to access from microfinance institutions (MFIs) are of great help especially during this pandemic. We are able to use the money as additional capital for our enterprises which also increase our income.)