A group of friends and neighbours formed the Communal bank "Virgencita del Carmen- the Incas" in the city of Cusco, in the district and province of Cusco. This Communal bank is formed of various people who continually search for the opportunities to get ahead, and with their daily effort to give their children a better future. The economic activities of the members are, for example; selling backpacks, selling hardware, selling bread, selling groceries, selling food, and others offer their services as mechanics.
Sayda is a 27 year old member, and is single. She is a technician in a pharmacy but she works for a private company. She has worked there for a few months and she is getting on well. She requires a loan to pay course fees for a specialization. (Sayda is the member who is raising her hand in the photograph).
The members as a group are grateful for the opportunity given to them and promise to meet the payments of their instalments within the time limits.
Un grupo de vecinos y amigos formaron el banco comunal “Virgencita del Carmen - Los Inkas” en la ciudad del Cusco del distrito de Cusco de la provincia del Cusco. Este banco comunal está conformado por varias personas que buscan a cada momento las oportunidades para salir adelante y con su esfuerzo diario entregar un mejor futuro a sus hijos. Las actividades económicas de los socios son por ejemplo; venta de mochilas, venta de ferretería, venta de panes, venta de comestibles, venta de comida y otros brindan servicio de mecánica.
La socia Sayda tiene 27 años y es soltera. Sayda es técnico en farmacia pero trabaja para entidad privada, ella trabaja hace varios meses entonces le va muy bien, ella en esta oportunidad requiere el préstamo para pagar matriculas de una especialización. (la socia Sayda esta levantando la mano en la fotografia).
Los socios en general agradecen la oportunidad brindada y se comprometen a cumplir con el pago de sus diferentes cuotas en los plazos establecidos.
About Asociación Arariwa
Asociación Arariwa is a large non-governmental organization that started offering microcredit in 1994 to improve the quality of life, skills and equity of the population in the rural Cusco region of Peru. Arariwa serves the southern Andean provinces of Peru, and is distinguished by its efforts to reach the very poor, who often live in isolated rural areas. Arariwa fosters village banking, supports savings accounts, promotes access to education, and empowers women entrepreneurs (who make up 78% of its borrowers).
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.