The Women´s Bank In Search Of Success (Banco Mujer En Busca Del Éxito) Group
Some of the members engaged in bread-making aspire to one day open their own bakery. In general the group hopes this loan will assist them in improving their standard of living; specifically, the members would like to be able to invest in a higher level of education. A main obstacle for the members of this group has been the lack of available financial services in their community. This loan will extend the reach of business loans to a group of hard-working entrepreneurs living in a poor Costa Rican community.
The Women´s Bank in Search of Success was formed in July of 2009. This loan will be the group's second with Fundación Mujer. The loan consultant who has been working with the group members over the past 7 months describes these women as hard-working, entrepreneurial-minded individuals who aspire to improve living conditions for themselves and their families. The women work together well and have exhibited responsibility and punctuality with respect to past loans.
In general, there is ample demand for the products sold by the women of this group. The members have successfully used their first loan to build their client base. They are happy and excited to now be applying for a larger loan amount than they have in the past.
For the members, the name of this group symbolizes the possibility of succeeding in life and the goal of becoming self-sufficient.
More information about this loan
In Costa Rica, funding for microfinance institutions is hard to come by, and many institutions find themselves having difficulty growing and reaching all the demand for loans that exist. Kiva works with Fundacion Mujer because it attends a very marginalized population in Costa Rica, with a specific focus on women. In addition to the loan, Fundacion Mujer provides specialized training programs for their borrowers on everything from computer classes to salon training. Because of the difficulty in obtaining capital in Costa Rica, Fundacion Mujer cannot serve all the women that need loans. Therefore Kiva plays a unique role in helping Fundacion Mujer grow its portfolio and reach borrowers it otherwise would not be able to.
This is a Group Loan
In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.
Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.
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Success!! The loan was 100% repaid