Update on Venceremos GroupThe Communal Bank “Venceremos” (We Will Overcome) consists of eight members. Seven of the members are single mothers who are responsible for 14 children among them. There is one male member. All of them are responsible and hardworking individuals. The members are originally from the town of Malpaisillo, a place that is located in the northern part of the country. These individuals decided to join together so that they could support one another with their various business activites.
Francis María is the Communal Bank coordinator who is in charge of overseeing the group’s responsibilities. Her business is a small convenience store that is located in her home. She sells everyday food products such as rice, beans, bread, milk, and salt. In addition, Francis sells boxes of matches, cigarettes, juices, and sodas. The goal of her loan is to invest in operating capital for her business of buying and selling food products. In the not-so-distant future, she would like to increase her earnings.
The Communal Bank “Venceremos” is grateful for the assistance that Kiva lenders provide to people with limited resources so that they can have the means to earn a decent living.
Previous Loan DetailsThe community bank “Venceremos” (We will conquer) is comprised of 8 members, 6 of whom are single mothers with 10 children to care for. Two members are male. They all belong to the area Malpaisillo that is a place that is characterized as an agricultural zone where one can sow corn and wheat and… More from Venceremos 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