Sumac Maky Group
Update on Sumac Maky GroupNely, 49, is married and has three children. She’s from Cusco Province in Cusco Department. Nely is an enterprising, responsible mother who likes challenges. She sells crafts. She has a small workshop at home where she makes weavings based on alpaca wool. She’s been in this business for several years and does very well. On this occasion, Nely needs the loan to buy work supplies like alpaca wool, for example. (Nely is raising her hand in the photo.)
This group is composed of friends and neighbors who joined together into the “Sumac Maky” communal bank in Cusco Province, Cusco Department. The bank is composed of people who are always seeking ways to get ahead and by means of their daily efforts provide a better future for their children. The members as a group are grateful for the opportunity provided and commit to make their installment payments as scheduled.
Cusco is located in Cusco District and Province which are in Cusco Department in the very heart of the ancient Inca city. It’s noted for being a tourist destination because of its archaeological sites, its historic city center, its scenery, its history and for being an enchanting city in the southern region of the country. Cusco is also known for its traditional Inti Raymi festival and because one of the Seven Wonders of the World, Machupicchu, is located here.
Este grupo está conformado por vecinos y amigos que formaron el banco comunal “Sumac Maky” en la provincia del Cusco 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. Los socios en general agradecen la oportunidad brindada y se comprometen a cumplir con el pago de sus diferentes cuotas en los plazos establecidos.
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 DetailsA group of friends and neighbors formed the community bank "Sumac Maky" in the city of Cusco. The bank has been running for some years and it is well organized. This community bank is comprised of 10 people who are always looking for opportunities to get ahead and, with their daily efforts, to de... More from Sumac Maky 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