Our second to last week is in the books. Like they say in basketball, we've hit crunch time. Geoff and I are frantically trying to iron out all the kinks in each of the six plans we're focusing on. Each one presents different sets of challenges and opportunities that are exciting and motivate us to work. Here is a brief run down on each of the potential loan recipients we're focusing on:
Plan #1: is the plan that both Geoff and I agree is the best. This week we focused on getting current price checks on all of the equipment this person requires to start her sewing business. She is very excited about her potential loan and has been very helpful in making sure we get all the information we need to give her the best chance to be approved. Last week we sent an electrician to her home to verify that her wiring could handle the machinery she will be using and found out that besides a few minor improvements, everything looks great.
Plan #2: This person already runs a successful, well organized bodega that has very little competition in the area. Due to the fact that her "bodega" (or mini convenience store) his attached to a large car wash that is very popular, we believe that giving her a loan in order to expand her business will lead to higher income and augmented success. We are waiting on a few documents in order to have everything squared away for presentation and analysis this summer, other than that, her plan is good to go.
Plan #3: Has a lot of potential, however, there are a few complications that have risen over the last two weeks. Here in Trujillo we have been having a wet summer. Lots of rain fall has caused this person's roof to become compromised and leak profusely. Obviously this is a huge problem for a prospective internet cafe so we have had to add significant roof repairs to the prospective loan total. Although this obviously increases the required investment, the location is perfect, her and her husband are dedicated and knowledgeable, and the potential return is high enough that we think this is but a minor set back on the road to approval.
Plan #4: This person is very well organized and has experience in owning and operating a bodega. We have spent the last few weeks revising her plan and getting updated prices on all her expenses. The total appears to be very reasonable but we do have some concerns about competition. Her prospective bodega is on a center plaza right beside a market. In order to beat the established competition she will need to have the funds to purchase goods in high quantity to undersell their prices. We have been working to find other ways to help get her clientele and will continue to do so in our limited remaining time here.
Plan #5: This person has been doing a major overhaul of his plan. He is moving into a newly constructed neighborhood and wants to build a new bodega there. Although his plan will surely be asking for the highest loan amount, the complete lack of competition provides a unique opportunity to capture a large market of approximately 300 homes. A lot of work remains to be done on his plan and we're trying to get as much done as possible before heading back to the US.
Plan #6: This plan has been a little disappointing. This person has been very hard to get a hold of for meetings and her plan isn't coming together like we'd like. She wanted to start a pharmacy, but due to legal restrictions and the complications (not to mention price) of employing a pharmacist, it looks like this plan won't be approved. We plan to meet with her Monday to discuss potential options for shrinking her loan and narrowing the scope of her prospective business to health foods where she already has a consumer base.
In regards to current businesses, we have been visiting Juan Carlos at the bakery and Jeanette with her dairy on a weekly basis and have helped them improve their record keeping skills significantly. We are still sorting out who among current loan recipients could benefit from additional funding. I'll reserve details on that for next week. Chau!
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