Nueva Generacion Iii Group
Update on Nueva Generacion Iii GroupSome years ago, a group of neighbors and friends formed the communal bank "Nueva Generacion III" (New Generation III) in the city of Cusco. They are now in their 21st loan cycle. The communal bank is formed by seven men and seven women who are hardworking and entrepreneurial and who are always looking for opportunities to grow and succeed through their daily efforts to make a better future for their children. The members' business activities include selling breakfasts, selling meals, selling hardware, selling shoes, selling food, selling grilled chicken, and selling jackets.
Olga is a member of the communal bank. She is 56 years old and married, and the fruit of this beautiful marriage is four children. Olga tells us with great pride that she is succeeding with her children with the help of her husband. Olga has a small restaurant where she sells lunches, but in the afternoons she sells salchipapas and pollipapas (sausages and french fries). With this opportunity, Olga is requesting a loan to purchase ingredients such as chicken, potatoes, salchichas and other items.
All of the members are grateful for the opportunity they have received and promise to make their payments on time, in the agreed-upon manner.
(The member who appears in the inset photo requested permission to not be present on the day of the meeting.)
Olga es miembro del banco comunal, ella tiene 56 años y es casada y fruto de esta hermosa relación tiene cuatro hijos. Olga nos cuenta con mucho orgullo que está sacando adelante a sus hijos y con ayuda de su pareja. Olga tiene un pequeño restaurante donde vende almuerzo pero en las tardes vende salchipapas y pollipapas. En esta oportunidad Olga requiere el préstamo para comprar insumos como por ejemplo pollos, papas, salchichas y otras cosas más.
Los socios en general agradecen la oportunidad brindada y se comprometen a cumplir con el pago de sus diferentes cuotas en los plazos establecidos. (El socio que aparece en la parte inferior de la fotografía pidió permiso para no estar presente el día de la reunión)
Previous Loan DetailsA group of neighbors and friends formed the Nueva Generación III Communal Bank several years ago in the city of Cusco. As such, they are currently in their nineteenth loan cycle. This communal bank is made up of seven women and seven men who are working and enterprising people who are constantly… More from Nueva Generacion Iii 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
- Repayment Term
- 6 months (Additional Information)
- Repayment Schedule
- Nov 9, 2012
- Dec 4, 2012
- Currency Exchange Loss:
- Apr 17, 2013
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.