Lucerito Group

Thank you for your loan. It has been disbursed to the LUCERITO group, consisting of Rosa, Maria Elena, Ross Mary, Maria Luz, Ruperta Maria, Concepcion, Martha, Daisy Ana, Marcela Gabriela, Vicky, Sandra, Paulina by Fundación Agrocapital, a partner of ACDI/VOCA in Bolivia. We are excited to watch this business grow. Over the next 4 months, Fundación Agrocapital, a partner of ACDI/VOCA will be collecting repayments from this entrepreneur and posting progress updates on the Kiva website.

Grupo Lucerito has had great success with their group loan. Most of the women used their loans to buy more wholesale merchandise to resell (fabric to sew clothing, dishes, underwear, winter clothing, etc.). The women all live in the same neighborhood (“La Periférica,” between El Alto and La Paz) and know and trust one another. “We’re doing well,” says Rosa Quenta, the group president. We’re responsible people, we keep our word.” Rosa first met Erik, the group’s loan officer, while he was working at another microfinance institution in La Paz. When Erik switched banks, so did Doña Rosa, and she helped put together Grupo Lucerito by inviting her trusted friends and neighbors. “It’s been a successful first experience,” agrees María Luz Lopez. “The process has been easy. The women have known how to invest the capital, and we hope to keep working with this institution.” Two more women from the other microfinance bank are here observing today’s meeting; they would like to join the group for its next loan cycle.

The group is known for its punctuality. They hold group meetings at 9:30am sharp every other Wednesday morning. If any of the women are tardy without permission, they have to pay a fine to the rest of the group—5 bolivianos (US$0.70) for ten minutes and 20 bolivianos (almost US$3) for half an hour. Maria Elena comes late to today’s meeting, rushing in huffing and puffing at 10am. “I tried to go down to Villa Fatima to pay my water bill. And what do you know, everyone else decided to pay their water bill the same day as me. The line was loooooooong,” she apologizes, grinning and still winded from the climb. She’s clearly the clown of the group. When I ask her what she thinks of the group lending methodology, she’s quick to answer. “I like it. I’ll take 5000 bolivianos please, señorita.” Everyone laughs, because Maria Elena is asking for five times her current loan amount. “I’ll keep making repayments even if it kills me—then they can bury me at AgroCapital, señorita,” she chuckles.

The rest of the group is thinking about their next loan, too. AgroCapital usually allows groups to take out a maximum of 150% of the amount of their previous loan, but since Lucerito has been such a responsible group, the bank is considering doubling the amount they are allowed to borrow.

Note: Because Kiva’s system for tracking repayments is slightly delayed, Grupo Lucerito has actually repaid more than the 25% shown.