Mrs. Genalyn Armada started with a small loan but with big dreams. Like many employed individuals, she and her husband, Mr. Jose Armada, worked hard to provide for their growing family. Besides their employment, they also run a small hardware and textile business to augment their income.
Back then, the Armadas lived a very simple yet abled life. They have more than enough to feed their needs. However, their business suffered some setbacks and due to lack of monitoring and dedication, they have decided to retire early and focus more on their business.
From left to right: April Dublois (MABA), Mrs. Genalyn Amada (Centre) Victor Gaurana Jr. (Corporate Strategist)
Mrs. Genalyn Armada (in Picture) displaying their hardware and textile business
Due to their financial condition, they were not qualified to borrow funds from several lending institutions. An agent from a rural bank approached Mrs. Armada to inquire if she wanted to avail of a loan; her answer was, "No one would want to lend us money because our reputation was tarnished". Somehow, luck brought together Mr. Reno Anegan, MBA of OK Bank, and Mrs. Armada where he offered the bank's PNK Loan.
Of all the financial institutions that she approached, only OK Bank took the risk of granting her loan, and that was enough motivation for her to work even harder. With the new capital they were able to buy new equipment and and stock inventory that catered well to market demands. Gradually, the Armada's hardware and textile business gained enough profit to support their needs and expenses.
After 13 loan cycles, a space expansion, and more asset acquisitions later, their business, named as "ARMADA Electrical Supply and Merchandising", has flourished beyond their expectations. Dedication, patience, hard work and faith are what lead to their business' success. As a parting message to her fellow Entre-Pinoys, she said "When you take a loan from any organization, pay your dues on time, no delays". With the loan you availed you have to work hard, but make sure to balance your life between work and family. It becomes a reflection of who you are and your attitude towards your customers. Dream of bigger things and have faith."
The buy & sell business of dried fishes is one of the mconsistent cash-flow generating businesses for small entrepreneurs like what Ms. Miranda Flores of Northern Iloilo has. Ms. Flores is a resident of Brgy. Gogo, one of the coastal barangays of the town of Estancia. A hardworking and committed woman, she was able to provide the needs of her family through her business: Buy & Sell of Dried Danggit and Fishing using their small fishing boat. At 47, Ms. Flores is a proud mother of six (6) children. Being a high school graduate, she has struggled and endured hardship providing the needs of family, while juggling the tough demands of being an entrepreneur in this coastal and fishing village.
She first started her credit records with Php5,000 as a starting capital until she stopped her 4 -year credit relationship with TSKI. She was brought at OK Bank by one of its MBAs then later, established a very good credit record. She was granted a loan amount of Php20,000 for her 1st cycle as an additional capital to her business. With an increment of Php10,000 each cycle, she is now on her 6th. With that, she was able to add another fishing boat and fish nets which enabled her business to increase supply thus, able to meet the demands of her clients from Estancia, Iloilo City and Boracay. She is normally enjoying around Php5,000 daily net income given a constant demand and consistent supply.
As with the rest in the fishing industry, her business is vulnerable to bad weather condition, and her plight during COVID 19 Pandemic is no different . As businesses froze for a while since quarantine period started, her account with OK Bank became delinquent. To cope , she turned to cooking and selling desserts and other local dishes and delicacies. The struggle is indeed real . However, with her positivity and perseverance, this small and alternative venture sustained her family until she was able to work back on track when the government eased out restrictions. OK Bank offered relief in the form of restructuring her loan to help her business especially with the cash flows.
There is no success if there are no setbacks. She believes that a loss will be her encouragement to work hard and comeback strong. Her living mantra: “To always have faith and trust in God”.