El Polvorin Group
Update on El Polvorin GroupJoaquín is 35 years old and he is a baker. He has had his bakery for seven years. He and his wife started this business since his in-laws taught him how to make bread. He makes different breads like egg bread, butter bread, concha (shell shaped) bread, cream bread and more. Juaco, as he is known in his community, is asking for a loan to purchase eggs, milk, sugar, butter and more ingredients for making bread because he sells it every day in his community. He buys his supplies in the city of Zitacuaro at different stores that offer good prices so that he doesn’t lose money and keeps some profits. Joaquín says that one of the challenges he faces is that he does not have a location where he can sell his bread or a vehicle for transporting the products every day. He says that the loan will benefit him a lot because he can buy the things necessary for making the bread and then, obtain a better quality of life for his children. His goal is to have a business location where he can sell his hot bread right from the oven and he won’t have go around the homes. Perhaps he can give employment to people in his community. The other members in the group are Catalina, Maricela, Guadalupe, Maria Victoria, Diana, Rosa Maria, Maria Isabel, Ygnacia, Isabel Medina y Maribel. They will invest their loans in fruits and vegetables, antojitos (Mexican street snacks), materials for handicraft embroidery, catalog clothing, silverware and sweets.
Previous Loan DetailsReyna is 30 years old. In the locality where she lives avocadoes grow profusely. She’s married and her husband’s a day laborer. They have a daughter who is in elementary school. Reyna belongs to a credit group called “El Polvorín” (Powder Keg). She comments that they chose that name beca... More from El Polvorin 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