El Progreso Group
Update on El Progreso GroupThe “El Progreso” (Progress) communal bank has 8 members; six women and two men. Their ages range from 30 to 65 and they have ten children in their care. These members are all from Sucre, a place located in the northern part of the country. The bank members have stood out for being responsible people who are good payers. They have repaid their previous loans properly and on time.
Francis Betania is the El Progreso group coordinator; she’s in charge of making sure the group is responsible. Her economic activity is selling milk curd from place to place. Francis’ routine is to head out into the streets starting very early to sell her product to both regular and occasional customers. The loan she’s requesting is to buy and sell milk curd.
The El Progreso communal bank is grateful for the support Kiva lenders provide people of scarce resources and to poor countries like Nicaragua so that they can have dignified sources of employment.
Previous Loan DetailsThe communal bank El Progreso is comprised of nine members: Maria Emperatriz, Francisca Betania, Manuel Antonio, Ramona Antonia, Blanca Azucena, Rosa Emilia, Maria de los Angeles, Luisa Amanda, and Juan Doroteo, all of whom have different businesses. Luisa Amanda is the coordinator of the group… More from El Progreso 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