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The Veracruz Coast Group 3
In this Group: Benigno , Teodora , Verónica
Benigno is a hard working family father that lives in the coast of El Raudal, Veracruz. From his childhood, he learned from his father and grandfather to love and take care of the food family business in a "Palapa" (an open-sided beach front restaurant made from dry palm leaves), his ancestors build generations ago, and that he proudly manages today along with a group of "Palaperos" (group of people that work in a "Palapa").

As long as he can remember, Benigno has been using battery lamps to illuminate his "Palapa" so he could be able to extend the business productive hours and attract more tourists. However, the batteries he relies on are expensive and don´t provide enough light. Therefore, even at his 58 years of ages, Benigno wants his family business to grow and be more prosper by buying a solar home system that will allow him to light his "Palapa". These will also mean he´s going to stop spending money on batteries, finish his productive activities pass sunset, effectively improving his business and offering more security to his costumers.

Additional Information

About IluMexico

IluMexico is a hybrid social enterprise that provides clean energy via solar-powered home systems in off-grid communities in Mexico. Kiva loans enable low-income households to purchase these systems. By lending to borrower groups that cross-guarantee each other, IluMexico is able to reach far more borrowers who do not have the collateral or credit history to get a loan from a formal financial institution.

This Kiva loan will be used to provide borrowers with needed goods or services, as opposed to cash or financial credit.

IluMexico joined Kiva through our Experimental Partnership Program, and has therefore received a lighter level of due diligence. Accordingly, loans associated with this partner carry a higher level of risk than typical Kiva loans.

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.

About Mexico

  • $11,249
    Average annual income
  • 3
    View loans »
    Mexico Loans Fundraising
  • $17,325,200
    Funds lent in using Kiva
  • 12.5
    Mexico Pesos (MXN) = $1 USD

Success!! The loan was 100% repaid

A portion of The Veracruz Coast Group 3's $550 loan helped a member purchase a solar home system that will be used to extend the productive hours of his family food business.
100% repaid
Repayment Term
13 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Mar 5, 2013
Listed
Mar 13, 2013
Currency Exchange Loss:
Possible
Ended:
Jun 27, 2014