El Triunfo Group
Update on El Triunfo GroupThe communal bank "El Triunfo" [The Triumph] is made up of eight members. All of the members are adults, married, and together they have fifteen children they are responsible for. They are fighting, hard-working individuals with the desire to offer the best opportunities for their children so that they have a better future.
These members decided to select a communal bank model to qualify for loans and mutually help one another in their different economic activities. The communal bank was formed in Malpaisillo, a place that is located in the western part of the country. Malpaisillo is characterized as being an agricultural area where growing crops, like corn and bananas, is the main activity.
Graciela Ramona is the coordinator of the bank and is responsible for the smooth operation of the bank, in addition to paying her own installments. Graciela sells bananas from her house and also travels to customers' homes to sell. Graciela's routine is to leave to sell in the community with her small cart of bananas. For ten hours every day, she offers her products to her regular clients and to potential new customers.
The communal bank El Triunfo is thankful for the help that the Kiva investors have offered to them and to other people with scarce resources in poor countries, like Nicaragua.
Previous Loan DetailsThe communal bank "El Triunfo" [The Triumph] is made up of 9 entrepreneurs who live in the same area where they are from. Each one of the entrepreneurs has their own business. The group's objective is to supply products for their clients and provide a better service. Maria Jesús is an entrepr... More from El Triunfo 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