The Women´s Bank Of Faith Group
The women of this group are involved in various productive activities including the rearing and selling of animals (pigs and chickens) as well as commercial and industrial activities. Nuvia, Tania, Yesenia and Lilliana R. have businesses selling clothing in their community. For these women, this loan will be used to finance the purchase of inventory items such as clothing for men, women and children as well as shoes and jewelry.
Lilliana Morin and Doris are in the business of animal rearing. While Lilliana raises chickens and pigs, Doris only handles chickens. For these two loan recipients, this loan will be used to finance investments in livestock, animal feed and construction materials (for the construction of animal pens).
Rita is the elected president of this group. During the week, she takes care of her children and carries out domestic tasks at home. During this time, clients come to peruse various items she has for sale such as clothing, jewelry and shoes. On the weekends, she travels from door to door in her community selling items to clients. Sometimes, her husband goes with her and they travel to neighbouring communities in order to find new clients.
Rita says her main goal is to increase the income generated from her sales business. She says that with more revenue, she will be able to provide a higher standard of living for her family. She would also like to increase the amount of revenue she receives from sales to stores as opposed to individual clients. Rita explained that, like other group members, her main hindrance has been a lack of access to working capital. She says that this loan represents an opportunity to overcome this obstacle.
The members of The Women´s Bank of Faith have been neighbours and friends for a number of years. The group acknowledges the advantages of the group lending model: the ability for each group member to act as a loan guarantor as well as recipient. They also acknowledge the potential disadvantage which could manifest itself if any members have trouble making repayments, as each individual is responsible for all repayments.
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