El Eden Group
Update on El Eden GroupSynonymous with perseverance is "Eden", an optimistic group of women and men who demonstrate a fighting spirit. The group has existed three years and has nine members who are quintessential businesspersons. The trust that exists between them is due not only to the time spent together in the group but also to the fact that they are all neighbors from the Agustino area. Although it would be gratifying to be able to comment on each member, words are lacking.
Marita, for example, is a 47-year-old member who is separated and the mother of two children. She begins her workday at home. She has been caring for children for more than two years and now sells clothes so that she will be able to save for household expenses and to put her children through school. With the current loan, she will buy clothes and establish her business in her home.
Eden's members know that, with care and dedication, they can succeed with each passing day.
Previous Loan DetailsThis group has a lot in common, including enthusiasm for moving ahead with their own businesses. The communal bank is called "El Edén", and is characterized by success. It was started by 8 members, two years ago. The members work in various businesses. For example, Señora Juana S. is a member... More from El Eden Group's previous loan »
About EDAPROSPOEDAPROSPO seeks to use micro-credit to foster productive commercial activity for the sake of economic and social development within vulnerable urban and rural sectors traditionally neglected by commercial banks. By offering innovative products such as technical education loans and microfinance groups for young people, EDAPROSPO helps disadvantaged Peruvians lift themselves out of poverty.
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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