Rosa De Saron Group
Update on Rosa De Saron GroupThe "Rosa de Saron" communal bank is composed of 8 members who are single mothers, with a total of 16 children for whom they are responsible. They are originally from Sauce, which is located in the northern area of the country. These women are characterized by being responsible, hard-working, and polite, with dreams of moving ahead in their lives. María de Jesús is the coordinator of the bank, which means that she is responsible for all of the payments from each member. As her business, María de Jesús makes and sells tortillas. Her daily routine is to wake up every day at 4:00 am to grind and shape the tortillas. Later, she will leave to sell them door-to-door. She needs this loan to invest in her business by purchasing corn, firewood, bags, and plastic wrap. The "Rosa de Saron" communal bank is grateful for the support that Kiva lenders show to people with scarce resources and to countries as poor as Nicaragua, so that people can have honest work.
Previous Loan DetailsThe Rosa de Saron (Rose of Sharon) communal bank is made up of ten entrepreneurs who have come together to benefit from the communal bank financing that Fundación León 2000 offers. Up to this point, they have demonstrated responsibility, the ability to make repayments, and growth in their economi... More from Rosa De Saron 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