Through the community bank these associates receive training on a variety of subjects. During their first cycle associates learned the importance of savings and how to manage a loan. They also mentioned learning the importance of responsibility and punctuality.
The members of “Nazareno” have a variety of business. Many sell basic food staples from their homes or small stores. Another associate owns a tailor shop. Still others own printing shops or restaurants.
The associates need loans of different sizes. Some need 400, 800, or 800 soles reaching a total of 7200 soles in loans from the communal bank. All associates plan to use their loans to increase the amount of merchandise available to sell.
Their dreams are to continue improving their business and moving forward in life. They hope that their children have more opportunities then they had.
About FINCA PeruThis loan is administered by FINCA Peru, one of Kiva’s Field Partners in Peru. FINCA Peru is dedicated to empowering socially and economically disadvantaged women in Peru, contributing to the development of their families, and building sustainable communities.
In 1990, FINCA Peru began by lending to a small group of women widowed by the Shining Path terrorist movement in Ayacucho. Beyond loans and financial services, FINCA offers business development training, personal and family development training, gender empowerment sessions, life insurance products, and financial and social literacy sessions for the children of borrowers. Visit FINCA Peru’s Kiva Field Partner page to learn more.
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