Maria “Ester” Gonzalez de Altamirano FIS Client Since: 2001 Children: Two daughters, one son Hometown: Buenos Aires, Argentina Loan history: 10 group loans and two individual loans (3,000 pesos each)

Although her children are grown and out of the house now, Ester wanted to expand her sewing business to save money for her grandchildren. Local banks said she didn’t have the necessary collateral to take out a loan.

When Patricio Boyd, FIS Operations Manager, came around her neighborhood telling people about a new type of “microfinance” bank that was perfectly suited to individuals like her, people though it sounded like a crazy idea. But Ester had faith in the new company, and “it worked out great!” Now, she believes in FIS because they believed in her. They gave her a loan without any collateral, and that money has helped her accomplish her goals.

Ester’s first loan was a group loan. Her share was 300 pesos, or about $100, and she invested that money in cloth and thread. Since that time, her loan group has taken out additional loans every five months, each one a little larger because they’ve paid their previous loans back on time and in full.

In fact, Ester’s repayment is so good that she’s also taken out two additional individual loans from FIS, the most recent for 3000 pesos. She’s used these larger loans expand her production ability (she went from two old sewing machines to five new machines) and save money for a larger workshop.

Currently, Ester and her business partner have plans to build a new workshop in a neighboring lot, hire additional staff and start their own product line. Ester now earns more than 500 pesos more per week. She says of FIS, “I am so happy with FIS and their services. I will continue to work with them in the future because they help me be independent. I can work for myself without pressure and I’m saving money for my future."
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	Juana Fernández FIS Client Since: December 2003 Age: 40; married Children: One daughter, 12, and one son, 7 Hometown: Monte Grande, Argentina Loan history: 8th loan, $700 Business: Hairdresser

Juana Fernández, or Juani, as everyone calls her, is a hairdresser and has managed her own shop for six years in downtown Monte Grande, a suburb of Buenos Aires. She lives with her husband and two children. When the Argentine economy collapsed in 2002, she was determined to persevere: “We’ve got to keep struggling,” she said, “we’ve got to keep going.”

A loan from FIS allowed Juani the means to save her business. One of FIS’s first clients in Buenos Aires, Juani used her initial loan to settle debts resulting from the economic crisis and pay her rent.

With subsequent loans, Juani, who formed a borrowers’ group called “Juani” with three other women entrepreneurs, was able to buy new equipment for her business. She’s using her eighth loan, totalling US$700, to further improve the services she offers. In the future, she hopes to use loans from FIS to build new shops on some property she owns near her store. By renting out the shops, she’ll bring in even more income for her family.

Juani often reflects on how microfinance has changed her life for the better. “I come from a very humble family in Paraguay,” Juani says. “We lived in a shantytown, and sometimes I had to pick old cloth from the garbage to make clothes for ourselves. Now, though, I think I have achieved everything I ever wanted since I was a child.” Her focus now is on providing for her own children and making sure they study hard. Juani, with help from FIS, has broken the cycle of poverty in a single generation.
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