Fe Y Esperanza Group
Update on Fe Y Esperanza GroupThe Fe y Esperanza communal bank is made up of 12 members, all of whom are single mothers with a total of 20 children to care for. They are all originally from Malpaisillo, located in the northern zone of the country. These ladies are responsible, hardworking women with a desire to get ahead personally. They got together to offer mutual support and get ahead with their different activities, because this is how they support their children.
Cándida Rosa is the bank’s coordinator and in charge of making timely payments for the group. She has a grocery store in her home and sells daily consumables in small quantities, such as shampoo, coffee sorbet, sugar, beans, bread, milk, eggs, and juices. The “Fe y Esperanza” communal bank appreciates the Kiva lenders because they provide help for people of limited resources so they can get ahead in poor countries such as Nicaragua, allowing them to make a dignified living.
Previous Loan DetailsThe “Fe y Esperanza” [Faith and Hope] communal bank is comprised of 11 members, Maria Mercedes, Juana Rayo, Yudis Dayana, Rosa Emilia, Gloria Isabel, Candida Rosa, Heyling del Pilar, Magali Mercedes, Elieth Maria, Maria del Socorro, and Maria Candelaria. All of them have different business… More from Fe Y Esperanza 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
- Repayment Term
- 7 months (Additional Information)
- Repayment Schedule
- Nov 10, 2012
- Dec 10, 2012
- Currency Exchange Loss:
- Mar 21, 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.