The communal bank "Virgen del Rosario" has been working with the Foundation since 2007 and has an excellent credit record. The group is located in the city of Paraguarí and is comprised of 16 women who are involved in different business activities. In addition to setting up their group to be able to access loans from the institution, they are motivated by the team work because they are all acquaintances and neighbors. The group has taken a poverty elimination survey and 50% of them are above the line, 40% are at the intermediate level and 10% below the line.
Carmen, who is the president of the group, sells liquor and through her work is able to get ahead and help her family. She is requesting a loan to buy liquor in general, as this will help her to continue to expand and increase her income.
El comité Virgen del Rosario opera con la Fundación desde el año 2.007, registran un historial de pago excelente. Este grupo se encuentra en la ciudad de Paraguarí, está conformado por 16 mujeres que realizan distintas actividades. Deciden formar su grupo y acceder al crédito que la institución les ofrece, más allá de la oportunidad de crédito que se les brinda les motiva el hecho de trabajar en equipo, puesto que todas son conocidas y vecinas. El grupo se encuentra haciendo la encuesta de eliminación de pobreza y el 50 porciento está por encima de la pobreza, un 40 se encuentra intermedio y un diez porciento por debajo.
Carmen, la presidenta de este grupo, se dedica a la venta de bebidas y por medio de su trabajo está saliendo adelante y ayuda a su familia por medio de su trabajo. Solicita de este crédito para la compra de bebidas en general, ya que esto le ayudará a seguir creciendo y de esa forma tener un mejor ingreso.
More information about this loan
This loan is part of the innovative “Poverty Stoplight” program developed by Fundación Paraguaya for women living in poverty. A “stoplight” measurement tool is used to help borrowers self-identify the type of poverty that affects them most (lack of income, dearth of financial opportunities, poor living conditions etc.). Borrowers rate 50 areas of their life as green (not poor), yellow (poor) or red (extremely poor). Together with their loan officer, they come up with a plan to resolve yellow and red indicators. Through this program, Fundación Paraguaya hopes to lift 9,000 women and their families out of poverty by 2017.
To learn more about this unique approach to eliminating poverty, you can read this article on Fundación Paraguaya’s website.
About Fundación Paraguaya
Fundación Paraguaya is a financially self-sustaining social enterprise that promotes entrepreneurship in urban and rural areas through microfinance, education programs, and more. Its focus on agriculture has helped many farmers boost their crop yields. And a number of other borrowers have taken out loans to start and grow social businesses that have helped deliver eyeglasses, medicines and other helpful services in their local communities.
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.