El Progreso Group
Update on El Progreso GroupThe El Progreso communal bank has 9 members, 7 women and two men, mothers and fathers with families and a total of 20 children in their care. They are from El Sauce, a place that is located in the northern area of the country. El Sauce is known for the production of dairy products, cream, milk, curds and cheese. The members of this bank are responsible, hard-working people with the desire to get ahead. Unfortunately none of them were able to study; so they strive day after day to give their children a better future.
The coordinator of the El Progreso communal bank is María Emperatriz, and her business is the sale of baked goods, a typical food of the region. She runs her business in an itinerant fashion, with a 20 kg basket on her head, offering her products to established and potential clients. The objective of the loan is to invest in working capital, in the purchase of raw material for making baked goods like corn, firewood, milk, curds, sugar and plastic bags, so that she will have better earnings in the not-so-distant future. The El Progreso communal bank thanks the Kiva investors for their help providing people with scarce resources and poor countries like Nicaragua to have a dignified means of work.
La coordinadora del banco comunal el progreso es María Emperatriz, y tiene por actividad económica la venta de cosa de horno, comida típica de la región, actividad que la desempeña de forma ambulante, con una pana sobre su cabeza de unos 20 kg ofreciendo su productos a clientes fijos y eventuales. El objetivo del crédito es para invertir en capital de trabajo en la compra de materia prima para elaborar las cosas de horno como maíz, leña, leche, cuajada, azúcar, bolsas plásticas. Para que en un futuro no muy lejano pueda obtener mejores ingresos. El banco comunal El progreso agradece la ayuda que los inversionistas kiva le brindan personas de escasos recursos y países pobre como es Nicaragua para tener un medio de trabajo digno.
Previous Loan DetailsThe “El Progreso” (Progress) communal bank has 8 members; six women and two men. Their ages range from 30 to 65 and they have ten children in their care. These members are all from Sucre, a place located in the northern part of the country. The bank members have stood out for being responsible... More from El Progreso 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
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Success!! The loan was 100% repaid