The Women’S Bank Of The Sixth Of May (Banco Mujer Seis De Mayo) 2 Group
San Martin is a rural region with few employment opportunities. As a result, the women of this group have taken it upon themselves to create work. The members of this group have a desire to succeed in their businesses and to provide a better standard of living for themselves and their families. The women who produce bread have the goal of one day owning a bakery. The women involved in animal rearing hope to use this loan to increase their poultry sales.
For the women engaged in bread-making, a difficulty has been high costs for raw materials. Likewise, individuals involved in the rearing and sale of chickens have encountered obstacles such as high prices for animal feed and low market prices for poultry products.
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