By Angelo Marasigan, HOPE supporter
I spent the first 25 years of my life in the Philippines, where limited job opportunities push many people to start their own small businesses to provide for their families.
But access to business loans—and the chance to make a living—often comes at a high cost.
In the Philippines, and many other communities around the world, predatory lending is common. With little to no other options available to grow their businesses, many entrepreneurs must borrow at soaring rates of 20% interest per week or more. I’ve seen it up close. I met a lady this past February who was paying 120% annual interest on her loan just to keep her business.
But for some, the cost can be much more devastating. Someone close to my family once borrowed money the same way. After a while, she got deeper and deeper into debt and couldn’t pay. One day, she went missing and was never found.
The model of borrowing money from these loan sharks is not designed to help. It’s designed to keep people in oppression.
Another kind of lending—one meant to promote people’s wellbeing—is needed. And I’d encourage you to read the article by HOPE International’s CEO, Peter Greer, on the difference between predatory lending and HOPE’s holistic approach to microfinance that equips and empowers people.
Eddie’s story: a $200 loan that led to growth
Last February, while traveling back to the Philippines, I met Eddie, a husband, father of six, and entrepreneur.
Angelo (left) and Eddie (right) in front of Eddie’s mobile store
Like many, Eddie’s business—a mobile store—started small. With dreams of expanding, he began looking for business loans and discovered the Center for Community Transformation (CCT), HOPE’s local partner.
Unlike predatory lenders, CCT came alongside Eddie and invested in his dreams. With a simple $200 loan and a reasonable interest rate, Eddie took the necessary steps to grow his business. With that growth came new opportunities and blessings: providing for his family more comfortably, sending his children to school, and creating jobs for people in his community.
But Eddie, driven by his faith and discipleship through CCT, wanted to use his business’s growth for the good of his neighbors. He provided safe housing for employees. He mentored and discipled them. Over time, he built a home and converted its first floor into a place for community gatherings and Sunday worship.
When I spoke with him, one thing stood out clearly: It was not only about the money. Eddie described a deeper sense of purpose and meaning in life. His business became a way to serve others and share the Gospel in his community.
More than the story of a successful businessman, Eddie’s story is one of a man who built a legacy of faith in Jesus and service to others. And he’s not the only one! Across the Philippines, I met many other entrepreneurs who experienced similar transformation when given access to business loans, a safe place to save, training, and discipleship.
The ripple effects of the right kind of investment
Reflecting on the entrepreneurs I’ve met throughout the HOPE network, one challenge stays with me: Do not withhold good from the deserving, when it is within your power to act.
A small loan of only a few hundred dollars can seem insignificant.
But as I’ve seen, it can make a profound difference in the lives of entrepreneurs who need that investment to better provide for their loved ones. It’s the difference between being trapped and building a legacy of generosity.
Raised in the Philippines, Angelo Marasigan has seen firsthand the challenges many entrepreneurs face in accessing fair financial services. He and his wife, Sarah, are dedicated supporters of HOPE International who share a heart for global missions and the global Church. Based in Minnesota, they frequently travel abroad to visit and support ministries around the world, and Sarah serves on HOPE’s local board.
