El Tule Sur Group
Update on El Tule Sur GroupThe El Tule Sur communal bank comprises 8 members, all single mothers responsible for 20 children. These members are originally from Sauce, an area that's in the north of the country. The members of El Tule Sur are responsible, hard-working women with a good work ethic and a desire to get ahead. These women have been hard workers and fighters in order to get their children ahead. They decided to form this group to benefit from the capital and mutually support each other's businesses by investing in them. Olga Lidia is the coordinator of the bank and in charge of making the payments on time. She sells milk and curds, which is one of the major activities of the area. She sells it on foot with a plank on her head that weighs approximately 20 Kg, offering her products to her neighbors in her neighborhood. She also sells from home. The objective of the loan is to invest in business capital and buy more milk and curds to sell. The communal bank El Tule Sur is grateful for the help that Kiva investors give to people of few resources, and poor countries such as Nicaragua, giving people a chance to have dignified work.
Previous Loan DetailsBanco El Tule Sur is composed of 8 members, all resourceful women each engaging in a different activity; they have formed this group because they know each other and they come from the same community on top of being all responsible people. María Magdalena sells traditional sweets, greatly requested… More from El Tule Sur 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