The Women´s Bank Progressing Together (Banco Mujer Avanzando Juntas) Group
The members are engaged in various productive activities. For example, some members are involved in animal rearing. These women will use this loan to invest in the purchase of livestock such as piglets or chicks as well as nutrients to feed them. The rearing and selling of livestock necessitates the construction of a house for the animals. As a result, this loan will also be used to make general investments in the construction of pens for animals. The women who are involved in pig rearing will need at least three months before they can butcher and, in turn, sell their pork products.
Other group members are involved in clothing and catalogue sales. These women plan to use this loan to purchase clothing, cosmetics, kitchen items and various other products, which they will sell to members of their community. Clothing items to be purchased include pants, blouses and children´s clothing.
Some of the women are engaged in the harvest of plantains. For these members, this loan will be used to invest in the purchase of small plantain plants which will be planted for harvest. Due to the abundant amount of wildlife in Caribbean Costa Rica, in order to ensure the quality of plantains, it is necessary to protect them. For this reason, this loan will also be used to purchase protective bags that will be placed over plantains throughout their journey to maturity.
Ingrid M. A. is a 29-year-old mother who lives with her husband, daughter and nephew. Ingrid has a business selling perfumes: she collects orders in the Shiroles community and travels every 15 days to the closest big city (Limón) to make purchases. This loan will be used by Ingrid to purchase perfumes that she will sell in her community.
Ingrid’s main goals are to dedicate as much time as possible to selling perfumes and to provide financial support to her family. She hopes this loan will help her to increase her working capital and put her in a position to purchase more products for sale. She strives to be able to offer her family money when they need it.
Ingrid says that the members of this group have lived in the same region for their whole lives; for this reason, the members know each other well. Additionally, many of the group members are related. She says that she likes the group lending model because it allows the members to assist each other when necessary.
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.
About Fundacion Mujer:Fundación Mujer is an organization specializing in the financial and personal development of female entrepreneurs in Costa Rica. They seek to reach underserved populations that may include indigenous communities, immigrants, refugees, victims of domestic violence or women living with HIV/AIDS. Fundación Mujer offers courses in both business and personal development, as well as training in concrete skills such as sewing and other crafts.
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