San Jose Group
Update on San Jose GroupThe San José community bank has nine members who are all women aged between 30 and 60. They have 15 children in their care and live in the town of El Sauce, in the north of the country. El Sauce is known for its milk, curds and cream production, for its corn growing and for its pig raising. All the members of this group are hard-working and responsible people.
Maribel is the coordinator of the community bank. She is responsible for ensuring that every member makes her payments on time and in full. Maribel's business is selling 'cosa de horno' which is a traditional cake made from corn, curds and cinnamon. Maribel's routine involves getting up at 4.00am to make her 'cosa de horno'. She then goes out to make her sales as an itinerant street vendor. She works until 4.00pm, carrying her products in a basket on her head under the intense daily sun. The San José community bank are grateful for the help that Kiva investors provide to people with limited resources in poor countries such as Nicaragua. It enables them to make a decent living.
Previous Loan DetailsThe “San José” communal bank is composed of ten entrepreneurs who joined together to form this group. They are all from the same community and although their individual businesses are different they all support each other and provide advice for their businesses. Maribel is part of this grou... More from San Jose 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