Mi Dios Es Mi Fortaleza Group
Update on Mi Dios Es Mi Fortaleza GroupMi Dios Es Mi Fortaleza Communal Bank is made up of 11 members, very hardworking people who strive to improve themselves personally. These members are heads of family with children in their care. They're from the town of Malpaisillo, known as a productive agricultural region.
Matilde del Socorro, the coordinator of the communal bank, is in charge of the bank's smooth management and of the members making their payments on time. Her business is a "pulpería" located in her home. A pulpería's a small store that sells small quantities of staple food items for the home: rice, beans, oil, matches, Maggi-brand soup packets, small envelopes of coffee and of shampoo, tomatoes, bread, milk, and eggs.
She needs the loan to invest in working capital to stock her small business and continue working to earn her family's daily bread.
Mi Dios Es Mi Fortaleza Communal Bank thanks the Kiva lenders for the help they give to low-income people and poor countries like Nicaragua so they can have a decent living.
Previous Loan DetailsThe communal bank “Mi Dios Es Mi Fortaleza” [My God is my Strength] is made up of 10 entrepreneurs that came together to support and encourage each other and to help each business owned by the members to get ahead. This communal bank has been working with Fundación León, which has provided them l... More from Mi Dios Es Mi Fortaleza 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