Update on Acuario GroupThe Acuario communal bank is described as being a group with good work ideas and a lot of dedication. It is made up of seven members who live in the Vitarte district. One story in particular is that of Nelva. She is 61 years old, married and has three grown children. She has rented out rooms in her house for more than 18 years.She also has a car she rents for public transport. She started this work because she had a large house with a lot of empty rooms, so she decided to rent them out to make some income. With time and a lot of effort she has been able to furnish her home and obtain financial stability as well as pay for her children's educations. In the future, she would like to have a place where she sells car lubricants. I cannot conclude without mentioning that the hard work and dedication that each member of this group does for the financial wellbeing of his or her family.
Previous Loan DetailsThe communal bank Acuario is synonymous with perseverance. They are a group of optimistic women and men. This communal bank was formed one and one-half years ago, with nine members who are examples of intelligent people that are launching businesses that are transforming our environment. The t... More from Acuario Group's previous loan »
About EDAPROSPOEDAPROSPO seeks to use micro-credit to foster productive commercial activity for the sake of economic and social development within vulnerable urban and rural sectors traditionally neglected by commercial banks. By offering innovative products such as technical education loans and microfinance groups for young people, EDAPROSPO helps disadvantaged Peruvians lift themselves out of poverty.
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.
83View loans »
Success!! The loan was 100% repaid