Flores Magon Group
Update on Flores Magon GroupCarol is 20 years old and a member of the 'Flores Magon' group. She is requesting a loan to buy Swarovski crystals, imitation pearls, beads, glass tube beads, natural stones, wire, nylon thread, copper thread, staples, hooks and clasps for making bracelets, necklaces, rings, etc. She says that she makes these products and sells them at the university where she is studying. She says that she has been making her creations for more than three years. She started the business in order to support her parents in covering her university expenses. She is studying to become a teacher and is in her third year of her degree. She says that she is very happy and proud to be able to help her parents because her university expenses are high. She says that she buys all her materials in the state of Jalisco because there she is able to buy them for a lower price and so can earn a little more. She says that, thanks to the loans she has received, she has been able to gradually grow her business. In the past she only sold bracelets and necklaces but now she also sells tiaras with gems, belts with gems, watches and other ladies' accessories. She says that one of her dreams is to finish her degree and get a position as a teacher in a kindergarten. Another of her dreams is to have stable premises from which to sell her jewelry.
The other 12 members of this group are called María del Socorro, Reyna, Clementina, Stephanie, Teresa, Patricia, Rocio, Vianey, Norma, Mercedes, Rosa Elena and Jazmín. They will all invest their loans in their business activities such as buying shoes through a catalog, clothing and lingerie, different flavored sweet treats, groceries, raw materials for making desserts, material for making clothes, cosmetics and ladies' jewelry, bedspreads, ladies' bags etc.
Previous Loan DetailsReyna is part of the Flores Magon group. Reyna, age 43, is a very hard-working woman who likes challenges. She started working at the young age of seven in order to help her family get ahead. She lived with relatives because her mother abandoned her when she was little. Later, when she was… More from Flores Magon 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