Nuestra Esperanza Group
Update on Nuestra Esperanza GroupThe Nuestra Esperanza Communal Bank is composed of 8 members, all women, ranging in age from 35 to 50 years old. Together the women have 20 children under their care. All belong to the community of El Sauce in the town of León, an area known for its production of milk, cheese and curd and for raising chickens and pigs.
All of the women are very hardworking and were mutually acquainted with each other. They decided to apply for loans as a group in order to support their various economic activities, which include selling milk and curd, selling chickens, selling pigs and selling fried snacks. They carry out their work in their homes and spend 12 hours a day in their daily routines. For example, Martha Lorena is the bank coordinator and sells milk and curd. She gets up at 4 a.m. to be able to sell her products, which are consumed daily very early in the morning by her neighbors in the community.
All of the woman are very modest country people. Consequently they enjoy their work and consider it to be a respectable way to make a living. The funding that Kiva lenders provide to people with scarce resources in poor countries, such as Nicaragua, so they can continue working and living with dignity, is very important to them.
Previous Loan DetailsThe communal bank NUESTRA ESPERANZA is comprised of eight enterprising women who, through much effort, have created a working tool in order to support their families. This group of entrepreneurs has been working with the Fundación León 2000; and in their first cycle have proven themselves to be ... More from Nuestra Esperanza Group's previous loan »
Fundación Leon 2000This loan is administered by Fundación Leon 2000. Fundación Leon 2000 began operations in 1993 as the first microfinance institution to serve the western part of Nicaragua, a country which continues to be one of the poorest in the western hemisphere. Fundación Leon 2000 works to further the development of micro, small, and medium enterprises through credit services and management, applying the best credit industry practices and technical expertise. Additionally, Fundación Leon manages several business and financial education programs in the community, specifically for young entrepreneurs and at-risk youth. Fundación Leon 2000’s group of experienced and dedicated employees works in 7 offices in Leon, Chinandega, Chichigalpa, Somotillo, Jinotepe, El Sauce, and Nagarote and serves several thousand clients (the majority 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.
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Success!! The loan was 100% repaid
- Repayment Term
- 9 months (Additional Information)
- Repayment Schedule
- Aug 24, 2012
- Sep 11, 2012
- Currency Exchange Loss:
- Apr 18, 2013
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.