This group is located in the village of Juchanep, which is a rural community about 30 minutes away from downtown Totonicapán in southwestern Guatemala. The languages spoken in Juchanep are Spanish and K'iche.
The Arcoiris Trust Bank will be starting their sixth loan cycle with Friendship Bridge. The women are anxiously waiting for their new loans, which will help fund their various businesses and enable them to prepare for the village fair, which is set for June 2012. The fair is one of their biggest selling events of the year. Nine of the Trust Bank members are weavers and the others are involved in commerce activities of some sort.
Paulina is one of the founders of the Trust Bank. Named after her grandmother, she only has a second-grade education but is a very proactive and dynamic woman. Paulina is 36 years old, has four children and is currently the president of the Arcoiris Trust Bank.
Paulina has worked in the textiles industry for 15 years. Her business has grown considerably over the years, and she currently has two full-time employees. Paulina and her employees are able to make nine cortes (typical skirts) a week, but in high demand seasons, they work longer hours and can produce enough cortes to keep up with demand.
In addition to her textile business, Paulina recently started raising chickens. With this new loan from Kiva, Paulina plans to buy a variety of threads to make several cortes that clients have ordered, and she plans to buy more chickens to raise. Paulina's dreams are to employ at least two more people and to continue to support her children's education.
The Arcoiris Trust Bank members appreciate the support Kiva lenders provide and the trust Kiva lenders put in their businesses, which helps the Trust Bank members' families and improves their lives.
About Friendship BridgeThis loan is administered by Friendship Bridge (FB), a nonprofit, nongovernmental organization that empowers thousands of impoverished Guatemalan women through its Microcredit Plus program. The program combines small loans averaging US$350 for four-to-twelve month loan terms with non-formal, participatory education.
As FB clients, women start, expand, or diversify their businesses and learn practical lessons on topics including business, health, and self-esteem. FB’s clients borrow as a group, forming Trust Banks (groups of 7-25 women who serve as co-guarantors of the loan and act as a self-regulating support network).
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