Ollantay Ii Group
Update on Ollantay Ii GroupA group of neighbors and friends formed the communal bank “Ollantay II” in the city of Cusco. The communal bank has been operating for several years now, and it is very well organized. This communal bank is made up of twelve people who are always looking for opportunities to get ahead and provide a better future for their children with their daily efforts. The members' economic activities include sales of food, handicrafts, groceries, and cosmetics, while others dedicate themselves to providing urban and rural transportation services.
(Margarita is raising her hand in the photograph.) Margarita was born in the city of Anta, in the province of Anta, department of Cusco. However, she now lives in the enchanting city of Cusco. She is 60 years old and married, and from this relationship she has four children. Margarita's main economic activity is selling basic staple products, such as sugar, noodles, rice and other items. Her complementary economic activity is making sweaters woven from alpaca wool. She has been selling groceries for fifteen years now, and it is going very well for her thanks to the dedication she puts into her work. At this time, Margarita needs the loan to buy merchandise on a wholesale basis, such as sacks of sugar and sacks of rice. With the rest, she will buy alpaca wool and synthetic wool.
All of the members are grateful for the opportunity provided to them, and they are committed to making their various loan payments on schedule.
Cusco is located in the district and province of Cusco, in the department of Cusco, at the very heart of the ancient city of the Incas. Cusco is known as a tourist attraction thanks to its archaeological centers, its historic city center, its landscapes, its history, and its traditional festival of Inti Raymi, and because one of the seven wonders of the world, Machu Picchu, is found here.
(The person who appears in the lower part of the photograph arrived late to the meeting.)
(La señora Margarita está levantando la mano en la fotografía). La señora Margarita nació en la ciudad de Anta de la provincia de Anta del departamento del Cusco pero vive en la encantadora ciudad del Cusco, tiene 60 años de edad, es casada y fruto de esta relación tiene cuatro hijos. Su actividad económica principal de la socia Margarita es la venta de productos de primera necesidad como por ejemplo azúcar, fideos, arroz y otras cosas más. Su actividad económica complementaria es la elaboración de tejidos de chompas de lana de alpaca. Ya son quince años que se dedica a la venta de abarrotes y le va muy bien gracias al empeño que pone en su trabajo. En esta oportunidad Margarita requiere el préstamo para comprar mercadería por mayor como por ejemplo sacos de azúcar, sacos de arroz y con el resto comprar lana de alpaca y lana sintética.
Los socios en general agradecen la oportunidad brindada y se comprometen a cumplir con el pago de sus diferentes cuotas en los plazos establecidos.
Cusco está ubicado en el distrito y provincia del Cusco del departamento del Cusco en pleno corazón de la antigua ciudad de los Incas. Cusco se caracteriza por ser una zona turística, por sus centros arqueológicos, por su centro histórico, por sus paisajes, por su historia, por su fiesta tradicional del Inti Raymi y porque se encuentra una de las siete maravillas del mundo “Machupicchu”.
(La persona que aparece en la parte inferior de la fotografía llego tarde a la reunión).
Previous Loan DetailsGregoria is 35 years old and lives with her partner and her three children in the city of Cusco. She tells us, "In my community bank 'Ollantay II', there are 13 members (12 women and one man), and the board of directors consists of Juana Esther as president, Magarita as the treasurer, Ofelia as t... More from Ollantay Ii 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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