Virgen Asunta Group
Update on Virgen Asunta GroupThe village bank “Virgen Asunta” is comprised of fourteen entrepreneurs who live in Izcuchaca, located in the Andean highlands of Anta province. The bank was formed in 2008 and is now receiving its eighth loan from Asociación Arariwa. The majority of its members make their living farming and raising livestock, then selling their produce in local markets.
The president of the village bank is Margot, who is raising her hand in the photo. Margot is 45 years old and married with three children between the ages of 20 and 24. For the last eight years Margot has operated a small store from her house, selling groceries such as sugar, rice, milk and pasta. In addition, she has bought and sold cattle for the last twenty years.
Margot has been a client of Arariwa for several years. She has requested a portion of this group loan of 9950 PEN in order to buy more stock for her store and to purchase a cow. A cow costs about 2,000 soles (about USD $750) at the local livestock market. After raising the cow, she can make a profit by arranging to sell the cow in Lima.
Margot aspires to continue growing her enterprises so that she can qualify for an individual loan in the future.
Previous Loan Details(In the photograph, the group member Francisca is raising her hand.) Señora Francisca, who is 30 years old, was born in the province of Paruro (Cusco) and now lives in the community of Hospitalpampa in the Anta district in Anta province of the department of Cusco. Twenty-two years ago she settled... More from Virgen Asunta Group's previous loan »
Important InformationAbout Asociación Arariwa
Asociación Arariwa is a large non-governmental organization that started offering microcredit in 1994 to improve the quality of life, skills and equity of the population in the rural Cusco region of Peru. Arariwa serves the southern Andean provinces of Peru, and is distinguished by its efforts to reach the very poor, who often live in isolated rural areas. Arariwa fosters village banking, supports savings accounts, promotes access to education, and empowers women entrepreneurs (who make up 78% of its borrowers).
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