The Women´s Bank Of Forging Goals And Dreams Group
Update on The Women´s Bank Of Forging Goals And Dreams GroupAt the end of the previous loan the members of "Banco Mujer Forjando Sueños y Metas" (Women's Bank of Forging Goals and Dreams) had expanded their business by increasing the number of bred pigs. They also had the opportunity of receiving some training workshops in motivational tools for successful women in business (combining the subjects of women, business and family). The training was conducted by a university student who offered these trainings within her practical volunteering activities in the framework of her studies. After the training sessions the microfinance institution Fundación Mujer set up groups of borrowers, and this group stands out because it is particularly well organized and responsible. Right now the group has added two new members from Banco Mujer, who had not applied for previous loans. Each member will receive 400,000 colones, which they will invest in the purchase of pigs and needed supplies to breed them. This group is a clear demonstration of the benefits that women from rural areas in the province of San José can achieve.
Previous Loan DetailsThe Women's Bank of Forging Goals and Dreams is comprised of six women members who live and work in Jaris, San Jose, in the central valley of Costa Rica. Historically, the members of this group have demonstrated their ability to fulfill their loan repayment responsibilities while undergoing… More from The Women´s Bank Of Forging Goals And Dreams Group's previous 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.
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