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Jean Damascene

Update on Jean Damascene

Jean Damascene is married with five children aged between 2 and 17. Two of them are enrolled in school and the other three are still young. His wife works as a farmer. He has been a rice farmer for 22 years. He would like to get this loan to buy seeds and support labor costs to get the best harvest. With the profits, he plans to expand the area he has been using to get more output.

The agriculture sector accounts for 37% of Rwanda's gross domestic product, generates 65% of Rwanda's export revenue, and employs approximately 90% of Rwandans (as of 2009). Despite the importance of agriculture to Rwandans and their economy, financial institutions view lending to fund agricultural activities as a high-risk proposition because the profitability of these activities is affected by weather, natural disasters, and price fluctuations. For this reason, farmers in Rwanda remain underserved by financial institutions. Urwego Opportunity Bank is expanding into this market and is happy to provide Kiva lenders with the opportunity to support Rwandan farmers.

Previous Loan Details

Jean Damascene is a rice farmer who is married with five children. He has been a farmer for the past 21 years. He learned rice farming from formal training. He will use his Kiva loan to pay for the labor costs of rice production such as nursery, transplanting, field management, guarding birds,… More from Jean Damascene's previous loan »

Additional Information

About Urwego Opportunity Bank of Rwanda (UOB)

Urwego Opportunity Bank (UOB) is a Rwandan bank specializing in microfinance. It offers credit products to individuals and groups interested in starting or expanding their businesses. It also offers training in business development, financial literacy and health management. Given that approximately 90% of the Rwandan population is directly or indirectly related to the agricultural sector, Kiva lenders’ funds will be used to support UOB’s agricultural loan products, which are vital to the clients living in remote areas.

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.

About Rwanda

  • $1,000
    Average annual income
  • 30
    View loans »
    Rwanda Loans Fundraising
  • $11,760,875
    Funds lent in using Kiva
  • 597.0
    Rwanda Francs (RWF) = $1 USD
Expired
A loan of $1,325 helped Jean Damascene to pay for labor costs for rice production and buy seeds.
Repayment Term
10 months (Additional Information)
Repayment Schedule
At end of term
Pre-Disbursed:
Apr 10, 2012
Listed
May 9, 2012
Currency Exchange Loss:
Possible
Expired:
Jun 8, 2012