Version Plus Group
Update on Version Plus GroupPhilo is the chairwoman of a Community bank named “Version Plus”, which is composed of eight micro entrepreneurs united in solidarity to receive loans from Kiva through IMF HOPE DRC with the goal of developing their businesses.
Philo is 45 years old, married and the mother of four children whose ages vary between 9 and 19 years old. All of them go to school. Philo runs a general store and sells loaves of bread. She has been in business since 2005. After learning through her friend about Hope’s loan program, she decided to join one of its groups in November 2005. Philo has already received 22 loans from Hope DRCongo that she repaid correctly. Currently, her business generates a profit of about US $190 per week. With her next loan, she is planning to purchase 20 bags of loaves of bread to increase the inventory of her business. Philo’s dream is to become the loaf of bread provider in her environment. She runs her business in the southwestern area of Kinshasa.
Previous Loan DetailsPhilo is the leader of the community bank named “Version Plus,” which is composed of nine members united in solidarity to receive Kiva loans with the goal of developing their businesses. Philo is 45 years old, married, and the mother of four children, whose ages range between 9 and 19 years ol... More from Version Plus Group's previous loan »
About HOPE DRCHOPE International has been providing small business loans and savings services to thousands of entrepreneurs in DRC since 2004. HOPE DRC targets small business owners who can use loans to increase their inventories or invest in assets that have the potential to increase their incomes. Funds from Kiva lenders play a major role in expanding access to affordable, flexible capital for micro-entrepreneurs, 80% of whom are women.
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.
About Congo (Dem. Rep.)
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Success!! The loan was 100% repaid
- Repayment Term
- 5 months (Additional Information)
- Repayment Schedule
- Jun 1, 2012
- Jun 4, 2012
- Currency Exchange Loss:
- Nov 15, 2012
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.