Banco Del Desarrollo Group
Update on Banco Del Desarrollo GroupA group of neighbors and friends formed the Communal Bank “Banco del Desarrollo” (Bank of Development) in the city of Cusco. This Communal Bank consists of individuals who look for opportunities to get ahead and strive each day to provide a better future for their children. The businesses the members engage in include selling clothes, selling food, selling writing supplies, and providing tourism and information services. Other members work in hospitals, dental clinics, and other public and private institutions.
Carmen is a member who was born in the city of Cusco. She is 32 years old and has a beautiful child. Carmen manages a pastry shop and has done very well. She also owns a hardware business. Her hardware store has been in operation for seven years and it has been successful thanks to the effort she puts into her work. Carmen is taking advantage of this opportunity so that she can buy merchandise such as nails, paints, and other products that her store is lacking. In the photo, Carmen is the woman who has her hand raised.
The members are grateful for the opportunity that has been provided and promise to complete their loan payments according to the established terms.
Cusco is located in the District and Province of Cusco in the Department of Cusco. The heart of this ancient city of the Incas is where many archaeological sites are located. The historical center and the landscapes help make Cusco the most enchanting city in the southern region of Peru. Cusco is known for being a tourist and commercial area. It is also known for the traditional festival of Inti Raymi and for being the home of one of the Seven Wonders of the World, Machu Picchu.
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 siendo una ciudad encantadora de la Región del Sur del país. Cusco es conocido por ser una zona muy turística, comercial, por su fiesta tradicional del Inti Raymi y porque se encuentra una de las siete maravillas del mundo “Machupicchu”.
Previous Loan DetailsOur members are part of the communal bank, “'Banco del Desarrollo,” or, Development Bank. Our members live in the Huanchac province in the department of Cusco [region around the city of Cusco]. One of our members is Eva; she is 39-years-old, married, and has two adolescent children. She is… More from Banco Del Desarrollo 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