Ima Sumac Suncco Group

"IMA SUMAC SUNCCO" Communal Bank was founded in November of 2008. It is made up of 16 members, 14 of whom are women and 2 are men. Sunnco means "heart" in Quechua. The community is located in the rural zone of the Cusco district and is 30 minutes away from the city of Cusco.
The members are countrywomen who work in the business of agricultural product, which consists of stocking up products (corn, potatoes, beans) and smaller animals (guinea pigs, chickens, pigs). These are sold in urban markets in the San Jeronimo district and in the city of Cusco, and they obtain profit margins that enable them to repay the loan..
The members of the communal bank are permitted to increase work capital in order to gather together a larger number of products and be able to get higher profit margins.
The members
The members are getting credit for the first time through the Arariwa microfinance bank, which indicates an important act--access to financial services. The microfinance bank gives them the possibility to be take out loans and to be able to access alternate financing sources.

Translated from Spanish by Tara Binetti, Kiva Volunteer

El banco comunal "IMA SUMAC SUNCCO", se fundo en noviembre del 2008, esta conformada por 16 socias, de los cuales 14 son mujeres y 2 varones, suncco en el idioma quechua significa corazon, la comunidad se encuentra en la zona rural del distrito de Cusco a 30 minutos de la ciudad del Cusco.
Las socias son mujeres campesinas que se dedican al comercio de productos agropecuarios, que consta en el acopio de productos (maiz, papa, habas)y animales menores (cuyes, gallinas, cerdos). los mismos que son vendidos en los mercados urbanos del distrito de San Jeronimo y la ciudad del Cusco, obteniendo margenes de ganancia que les permita devolver el credito.
las socias del banco comunal, les permite incrmentar el capital de trabajo para poder acopiar mayor cantidad de productos y poder obtener mayores margenes de ganancia.
Las socias obtienen por primera vez un credito a traves de la Unidad de Microfinanzas Arariwa, lo que significa un hecho importante, el acceso a servicios financieros. la Unidad de Microfinanzas les da la posibilidad de ser bancables y poder acceder a fuentes alternativas de financiemiento.



About Group Loans
In a group loan, each member of the group receives an individual loan but is part of a group of individuals bound by a group guarantee. Under this arrangement, each member of the group supports one another and is responsible for paying back the loans of their fellow group members if someone is delinquent or defaults. Learn more

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