Luz De Campo Group
Update on Luz De Campo GroupThe communal bank Luz de Campo consists of 12 members, of whom 11 are women and 1 is a man. All are from the same community. The ages of the members of the bank are between 35 and 60 years old. The majority of the women who make up the Luz de Campo bank are mothers of families, and they are responsible for (a total of) 15 children. All the members are from the Malpaisillo township, which is part of the city of León. In Malpaisillo there are people of very humble conditions who come from the countryside. They enjoy a calm, peaceful life, with their daily work routine of 12 hour days, lasting until the sun goes down, working in their businesses. Their economic activities consist of making and selling handicrafts, an activity very typical of the region. They decided to form a communal bank so that they could opt for these loans in order to advance with their businesses.
Leyla Victoria is the coordinator of the Luz de Campo bank, and for many years her business has been making and selling handicrafts. She has always shown her responsibility in making her payments on time and correctly. She needs the loan to buy basic materials to make her various handicrafts such as clay houses, jars, kitchen decorations, clay bells, dishes, vases, bowls, and mills for grinding cornmeal (used for a typical Nicaraguan drink).
The members of the Luz de Campo bank are grateful for the effort and the help that the Kiva lenders offer to the small business people of the poor countries such as Nicaragua.
Previous Loan DetailsLuz de Campo Communal Bank is made up of twelve entrepreneurs who came together so they could move forward. The group has been working with Fundación León 2000 and received a previous loan, demonstrating they are responsible people interested in self-improvement. The members say that, thanks... More from Luz De Campo 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