Update on Alcatraz GroupThis is the second time that the "Alcatraz" group has applied for a loan from the communal bank. Before, there were only four members but two more have now joined. They say that they really enjoyed working with Vision Found and Kiva and so decided to come back for another loan. The members themselves chose the group's name as "alcatraz" means "abundance". Ceci is one member of the group. She is 49 years old and married to Genaro, who works in the country. Together they have a family with ten children, three of whom still depend on their parents as they are studying. Ceci has a small grocery story that she started a year ago. She says that she already had premises but she just had not decided exactly what kind of business to have. She finally opted for a small grocery store. Ceci tells us she is very happy with the success she has had with her business as her earning have helped to improve her children and her and her husband's living conditions. However, what she most likes is being able to chat with customers, and she is always excited to know how they are. Ceci said "I really like my business but my only difficulty is I have no fridge for storing cold meats and yoghurts. Before I sold cheese but with no fridge I had to stop because it would very quickly go off". Despite this difficulty, though, Ceci is very happy and very grateful to Vision Fund and Kiva for the loan provided. Thanks to this financial support, she will be able to realise her dream which is for her grocery store to expand and to sell everything and, laughing, she says, it's "almost, almost a corner shop". With expansion, she can have the necessary support so her children can have a better education. Just as Ceci has dream, so do the other members of the group. So, they are applying for this loan to invest in their work. Juan will invest in the greenhouse for his raspberries; Virginia will invest in a boiled corn grinder; Raudel will invest in oil for cars; Sara will invest in clothes and finally Guillermo will use his loan for his taxi.
Previous Loan DetailsThis is the first time the “Alcatraz” group is requesting a loan from the institution. They are very committed to do well. It’s a group of four people each with a different productive activity and this is why they are requesting a loan to invest in their respective activities. For example, Juan… More from Alcatraz Group's previous loan »
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