Panales No 2 Group
Update on Panales No 2 GroupThe "Panales No. 2" communal bank is made up of eight members: seven women and one man. These members are aged between 25 and 55. They are responsible for 20 children.
This group members live in the municipality of Sauce, a place located in the northern part of the country. The "Panales No. 2" communal bank has already worked with the Foundation and demonstrated its responsibility by making payments in a timely way.
They are hard-working, responsible people, with the desire to improve themselves and achieve their dreams and goals.
Maria Ofelia is the coordinator of the "Panales No. 2" communal bank, and her work is raising and selling pigs for the making of traditional meals of the country, such as nacatamales (Nicaraguan steamed corn cakes), adobado (pork in a spicy sauce), charrasca (fried pork skin) and deep-fried snacks. Currently she has a good clientele, and her business has grown little by little.
The purpose of the loan is to invest in working capital and to buy a number of pigs to raise and sell. Maria Ofelia is grateful for the help that the Kiva lenders are providing to low-income people and to poor countries like Nicaragua, so that people can have a decent livelihood.
Previous Loan DetailsThe communal bank "Panales No. 2" is made up of 11 entrepreneurs who are all from the same town. They all have different businesses, and they have already been working with Fundación León 2000, which has provided them with loans. Over this period, they have demonstrated that they are responsible… More from Panales No 2 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