Business-minded mother expands business through community savings
A mother from a quaint town in Bohol has overcame poverty by investing her money in business. Now, she is teaching her neighbors how she did it.
33-year-old Reyann started from a humble beginning. Five years ago, she decided to put up a store so that she can earn. She used an extra space in her front yard and build a small hut where she displayed her various products.
“I have always been a business-minded person since I was young,” says Reyann. “I put up the store because I feel like it is something I am good at and passionate about,” she adds.
But like any other businesses, the beginning is always the hardest. Reyann had to find other ways so that her little store will continue to operate. Luckily, World Vision was starting its development programs in her town and a community savings group was organized.
After the orientation, she knew that the group could help her business woes because of its credit feature. She joined the pioneering group and started saving along with the other members.
“We started saving P100 per share up to 5 shares each week. I saved some of my earning in the store and after a few sessions, I already borrowed a triple of my savings,” shares the mother. “I used the loaned money to buy more goods to sell. After a month, I paid my loan and I still had more earning to use in my business.”
Reyann shares that she did that method repetitively until she could already afford to build a bigger and sturdier store made of cement. Now, her store is the biggest store business in her village.
She, along with her husband, is doing all of the hard work so she can provide for her only child, John Ryan. She wants to provided the basic needs and proper education to his son who is already in 3rd grade.
Aside from her son’s basic needs, Reyann is also saving for his operation. He is suffering an inborn internal organ disorder that gives the young boy pain every so often.
“I thank my mother for providing my needs especially my food. I also hope that I will already heal from my illness,” says John Ryan.
A local financial advisor
With Reyann’s growing success, she believes that she can help her fellow villagers by teaching them how to save and invest their money in businesses.
She volunteered as a Community Managed Savings and Credit Association (CoMSCA) agent and coach members how to organize and operate a CoMSCA group. CoMSCA is the project name of the savings group where Rina flourished her business.
“I want to impart to people the importance of financial literacy such as saving and investing. I am sharing my experiences so they can learn best on how to grow their businesses successfully,” she explains.