Flores Magon Group
Update on Flores Magon GroupTeresa, or Doña Tere as her friends call her, is a hard-working woman with dreams of getting ahead. She is 58 years old and originally from the town of Zitacuaro. She works with a group of people who apply for loans as a group to improve their businesses. The group is called "Flores Magon," and the name of the group comes from the area in which many of the members live. Teresa sews items by request and makes alterations such as fixing hems, putting in zippers and/or buttons. She makes blouses, pants, skirts, shorts, and shirts, as well as items such as curtains and sheets, etc. Teresa has run her business out of her home for the past 5 years. She took a course on making clothing through a program of her local government, and learned how to make alterations. In colder weather, Teresa makes knitted sweaters, hats, scarves, gloves, capes, and knitted blouses. In warmer weather, such as now, she is taking orders for blouses from thin fabrics and capri pants. Teresa is asking for this loan in order to buy fabrics of different colors and textures, thread, yarns, hooks, buttons, zippers, needles, etc. She says that this loan will help her very much with her business by allowing her to complete several requested orders and by having the capital that will make her able to offer items for sale to her clients. The other members of the group are called María Socorro, Reyna, Clementina, Stephanie, Patricia, Rocío, Vianey, Carol Paola, Norma, Mercedes, Rosa Elena, and Jazmín. They will invest their portions of the loan money in their businesses, including a grocery shop, buying clothes and shoes through a catalog, purchasing ingredients for making pastries for sale, and stocking men's and women's clothing, quilts, and jewelry for sale.
Previous Loan DetailsCarol is 20 years old and a member of the 'Flores Magon' group. She is requesting a loan to buy Swarovski crystals, imitation pearls, beads, glass tube beads, natural stones, wire, nylon thread, copper thread, staples, hooks and clasps for making bracelets, necklaces, rings, etc. She says that… More from Flores Magon 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