G.s. El Rosario Group
Another member of the group is Don Herman Francisco, who is 23 years old, single and has no children. He makes a living selling nacatamales (steamed meat and vegetables in banana or corn leaves) and butchering pigs, which he does from his home. He states that the lack of small business financing is having a negative effect. He started this business because of a lack of work and his need to survive. He wants to invest this loan in the purchase of supplies to make nacatamales, since the prices of these are higher every day and affect the price of his products.
Mrs. Lucia Del Rosario also belongs to the group, she is 24 years old, married and has two children of 8 and 10 years of age. She makes a living butchering pigs and making nacatamales, which she sells as a street vendor and also from her home. She has been in this business for 5 years, which started as a need for a source of income for her family, because her husband's income did not cover the costs of their basic needs.
Doña María belongs to the group El Rosario. She is 50 years old, married and has two children of 13 and 25 years of age. Her husband works as a bricklayer. She makes a living by making tacos, enchiladas and fritangas and also makes typical lunches and food for orders. She is very well know in her area.
Another member of the group is Mrs. Alba Maritza, 31 years old, married and has a 7 year old daughter in elementary school. She sells new clothing as a street vendor. She has established customers because she has been in this business for 4 years. At the beginning she decided to start this business because of the lack of employment which caused her to look for alternative ways to support her daughter. She request this loan for the purchase of new merchandise to be able to take advantage of the sales during the Christmas season.
Fundación Leon 2000This loan is administered by Fundación Leon 2000. Fundación Leon 2000 began operations in 1993 as the first microfinance institution to serve the western part of Nicaragua, a country which continues to be one of the poorest in the western hemisphere. Fundación Leon 2000 works to further the development of micro, small, and medium enterprises through credit services and management, applying the best credit industry practices and technical expertise. Additionally, Fundación Leon manages several business and financial education programs in the community, specifically for young entrepreneurs and at-risk youth. Fundación Leon 2000’s group of experienced and dedicated employees works in 7 offices in Leon, Chinandega, Chichigalpa, Somotillo, Jinotepe, El Sauce, and Nagarote and serves several thousand clients (the majority of whom are women).
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