Update on Hanny GroupThe members have kept working on their individual jobs and want to tell Kiva and Vision Fund, “thank you for your loans, we are grateful for your interest in helping us expand our businesses.” Mr. Baldomero is 42 years old, married and has 4 children, 3 boys and 1 girl, two of them are high school. He has a small grocery store and needs the loan to stock it by buying soap, brooms, sugar, eggs, broad beans, and beans. Mr. Baldomero began his business 2 months ago to have income for his children who are in school. He enjoys taking good care of his customers and uses his earnings to buy merchandize and feed his family. He is happy with the loan that he will receive and will buy merchandize to expand his business. Mr. Baldomero’s dreams and hopes are to open another store and that his family is well.
Previous Loan DetailsThe Hanny communal bank is comprised of: Dolores, who will use her loan to buy paper, pencils, notebooks, and bond paper. Silvestra, who will buy chocolates and milk cream candy. Erika, who will buy bras, panties, and t-shirts. Guadalupe, who will buy bags of cosmetics and hair… More from Hanny Group's previous loan »
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.
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Success!! The loan was 100% repaid