Virgen Asunta Group
Update on Virgen Asunta GroupThe communal bank member Hilda is 54 years old. She is married and she now lives in the beautiful province of Urubamba in the department of Cusco. Her principal business is agriculture, since she sells fruits such as pears, quinces, Blanquilla pears, peaches, and bananas. She has already had this business for a number of years, and it is going very well for her. In addition, Hilda also sells basic food products such as rice, sugar, pasta, milk, and other items. She has a little grocery store where she stocks her merchandise. Hilda now needs a loan to buy sacks of rice and sugar. (Hilda is raising her hand in the photograph.)
This group consists of neighbors and friends who formed the communal bank "Virgen Asunta" in the province of Urubamba in the department of Cusco. It consists of people who every moment seek opportunities to advance and with their daily effort to give a better future to their children. The business activities of the members are, for example, selling clothing, raising chickens, and selling groceries, and others offer services of transportation, cell phone calls, and auto maintenance.
The members in general appreciate the opportunity offered them and promise to make their various payments according to the established schedules. (The person who appears in the lower part of the photograph arrived late for the meeting of the communal bank.)
Cusco is located in the district and province of Cusco in the department of Cusco, in the heart of the old city of the Incas. It is characterized by being a tourist zone because of its archaeological centers, its historic center, its landscapes, and its history, and for being an enchanting city in the southern region of the country. Cusco is also known for its traditional festival of Inti Raymi and for one of the seven wonders of the world, Machu Picchu.
Este grupo está conformado por vecinos y amigos que formaron el banco comunal “Virgen Asunta” en la provincia del Urubamba del departamento del Cusco. Este banco comunal está conformado por personas que buscan a cada momento las oportunidades para salir adelante y con su esfuerzo diario entregar un mejor futuro a sus hijos. Las actividades económicas de los socios son por ejemplo; venta de ropa, crianza de pollos, venta de abarrotes y otros brindan servicio de transportes, llamadas a celulares y mantenimiento de carros.
Los socios en general agradecen la oportunidad brindada y se comprometen a cumplir con el pago de sus diferentes cuotas en los plazos establecidos.(La persona que aparece en la parte inferior de la fotografia llego tarde a la reunion del banco comunal).
Cusco está ubicado en el distrito y provincia del Cusco del departamento del Cusco en pleno corazón de la antigua ciudad de los Incas y se caracteriza por ser una zona turística, por sus centros arqueológicos, por su centro histórico, por sus paisajes, por su historia y por ser una ciudad encantadora de la Región del Sur del país. Cusco es conocido también por su fiesta tradicional del Inti Raymi y porque se encuentra una de las siete maravillas del mundo “Machupicchu”.
Previous Loan DetailsThese members belong to the 'Virgen Asunta' community bank which is located in Urubamba district, in Urubamba province, in Cusco department. Ana is a member of this group. She is 38 years old, single, and has four children. She has a fruit and veg. business and works independently. She take... More from Virgen Asunta Group's previous loan »
Important InformationAbout Asociación Arariwa
Asociación Arariwa is a large non-governmental organization that started offering microcredit in 1994 to improve the quality of life, skills and equity of the population in the rural Cusco region of Peru. Arariwa serves the southern Andean provinces of Peru, and is distinguished by its efforts to reach the very poor, who often live in isolated rural areas. Arariwa fosters village banking, supports savings accounts, promotes access to education, and empowers women entrepreneurs (who make up 78% of its borrowers).
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