Update on Fany MonicaFany Monica continues working in clothing-related enterprises. She is 24 and currently works for a business that specializes in garment production. Fany Monica is requesting a loan in order to continue her vocational studies. She already has a certificate in the confection of textiles and is requesting a loan in order to pay for one more year of studies so she can receive an advanced “Nombre de la Nación” certificate, which is an official title overseen by the Peru Ministry of Education. She will start her classes in June. Fany Monica's dream is to open a shop that rents party dresses.
Fany Monica is receiving an individual loan as a member of the village bank "Comuzone I" in Cusco, which is located in the Andean mountains at 3,400 meters above sea level. The bank is in its 17th cycle with Asociación Arariwa.
Previous Loan DetailsFany was born in the city of Sicuani (Cusco, Peru). She is 24 years old and lives with her common-law husband. She has lived in the city of Cusco for seven years and this is where she carries out her business. Fany is a seamstress who makes clothes. She has been in this business for several y... More from Fany Monica'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.
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Success!! The loan was 100% repaid