5 De Mayo Group
Update on 5 De Mayo GroupThe new members (of the communal bank) are Señora Maria Manuela, who is going to buy corn with her loan; Señora Virginia, who is going to buy pigs and food to fatten them; Señora Eva is going to buy meat, tortillas, vegetables, and prickly pears to make taquitos.
Señora Maria de Carmen is 27 years old. She lives in a common law marriage with her husband, who is a farm worker. They have three daughters, of whom two are in primary school and one is in preschool. She sells tamales, atole (a hot corn-based beverage), and rice tacos. She is applying for a loan to buy meat, rice, oil, eggs, sausages, potatoes, onions, leaves to wrap tamales, corn, lard, chocolate, flour, cinnamon, sugar, and charcoal. She began this business two years ago. Her mother had a similar business and helped her cook. Her business is important because she has income to buy fruit or pay for some of the school expenses of her daughters. She feels proud when her customers tell her that her food is delicious. She goes out with her cart to offer her products to the merchants in the plaza. As a housewife, she is planning to hire a person to sell food and thus reach more sales locations. Her business has helped her family when her husband didn't have work, as they take from the business for food. Her dreams and hopes are to set up a place that will offer more advantages to her business, to have a helper to go out to sell her products on the plaza with the merchants, and to help her children continue to go to school.
The members of the group want to tell Kiva and Fundación Real, "Thank you for your loans. You offer us your support and confidence without knowing us, and we are not going to disappoint you."
Previous Loan DetailsThis group is called “5 de Mayo” and is located in the community of Ocuituco, México. Its members are Isabel who will use the loan to buy cans of peaches, María del Carmen who will buy rice, cheese, oil, paper and bags to prepare fast food snacks, Eufrocina who will buy eggs, sugar, soap and oil… More from 5 De Mayo Group's previous loan »
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
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