Update on StephanieDuring 2011 Stephanie was able to use her previous loan investing in working capital purchasing materials and others. However, toward the end of that year her husband suffered a foot injury which kept him disabled for two months in which Stephanie had to take over paying rent on their house and taking on other expenses too because her husband was only earning 50% of his usual salary.
Because of this, Stephanie is asking for a new loan to buy raw materials to make decorations out of foam to sell to schools and teachers who use them to mark special occasions (national feast days like independence, the annexation of Guanacaste and others).
Stephanie is currently taking courses to learn other techniques to make other types of products her customers request since as she herself says, her customers like her items because of the nice way they are finished. She combines this activity with selling merchandise thus developing other abilities she has and making herself known in other places.
Previous Loan DetailsStephanie A. A., 25 years old, lives with her husband and her two children. She completed her studies, but due to need could not continue on to college. This is the first loan she is applying for at Fundación Mujer. She found out about the Fundación through a customer. She will use the loan… More from Stephanie's previous loan »
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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.
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Success!! The loan was 100% repaid