Banco Mujer Eben-Ezer Group
The members of this group are involved in various micro-entrepreneurial activities including clothing sales, animal rearing and magazine sales. This loan will serve as working capital, used to make general investments in each woman´s individual business. Specifically, this loan will be put towards the purchase of livestock, animal feed, clothing merchandise (sandals, shoes, jewelry) and magazines.
Lucrecia C. V. is the elected president of this group. She is a 54-year-old mother of 5 (and grandmother) who lives with her husband, daughter, and grandson in Grano de Oro. Lucrecia has a retail business. She plans to use this loan to invest in the purchase of merchandise such as clothing, shoes, and perfumes.
Lucrecia says her day starts in the early morning when she rises to take care of household tasks such as taking care of her grandchild, cooking, and cleaning. The rest of her day is dedicated to her business, making sales, collecting repayments or purchasing merchandise. Her long term goal is to own her own store in a central location where she could offer her clients various items to peruse. This would permit her to spend less time in the street, making sales from door to door. Her goals are to achieve economic stability for her family and improve their standards of living.
A major difficulty that has affected her business has been the global economic crisis in the form of a reduction in sales. Lucrecia hopes to overcome this obstacle by expanding her business and securing clients in other communities.
The members of this group have grown to know each other on a deep and personal level. They have lived in the same community for the majority of their lives and are largely neighbors, family members, and friends. Lucrecia says the advantage of the group lending model is the ability of each member to act as a guarantor for another member. She can´t see any disadvantages associated with this loan.
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