CITY OF CEBU – A savings bank hailed a dried fish vendor in the sugarcane town of Medellin, north Cebu, as the nationally awarded microentrepreneur of the year.
In a statement released Thursday, City Savings Bank said that Luzviminda “Nanay Luz” Sunit, who started the dried fish business with an initial capital of PHP 4,000, was among 10 Filipino micro-entrepreneurs honored in the event. of their 18th Citi micro-entrepreneurship award.
“I would take the pond full of fish and hawk it around town to make a sale and in 1975 I finally ventured into making dried fish or ‘buwad’ with an initial capital of PHP 4000,” said Nanay Luz. in a press release.
He added that Nanay Luz’s determination, optimism and confidence led her to meet different people and institutions that helped her get a loan from the First Agro-Industrial Rural Bank (FairBank) in Bogo City, Cebu, to develop its dried fish business.
He said FairBank, a subsidiary of City Savings Bank, has focused on meeting the needs of rural communities by providing access to capital for micro, small and medium enterprises.
With the help of the Bogo City Bank, the Nanay Luz company has found success with its products now available in the public markets of Medellin and Bogo City, as well as in Leyte.
It now has more than 20 workers, some of whom lost their regular jobs during the 2019 coronavirus disease (Covid-19) pandemic.
The City Savings Bank highlighted the resilience of the businesswoman who, in the midst of the current public health crisis, was unfazed and instead became more innovative in her business approaches.
“We had to switch to direct shipping to our customers to achieve better sales,” she said.
Nanay Luz’s journey, which becomes a source of inspiration for other SMEs and a pride for small-scale traders in the Visayas, received the distinction from the governor of Bangko Sentral ng Pilipinas Benjamin Diokno and the general manager of Citi Philippines , Aftab Ahmed.
“We take this opportunity to recognize our microentrepreneurs who, despite the obstacles, have shown great resourcefulness, courage and resilience to thrive in the midst of the Covid-19 pandemic,” said Diokno said in his message delivered during the virtual surrender rites on June 15.
The bank has supported Nanay Luz for 17 years, he said.
“It is a privilege for FairBank to have participated in the success of national CMA laureate Luzviminda Sunit in growing her microenterprise over the years. It has successfully transformed a backyard dried fish business into a successful cross-island operation, ”said FairBank President and CEO William Amado Castaño. (ANP)