Milagro De Dios Group
Update on Milagro De Dios GroupMilagro de Dios Communal Bank is made up of ten members, nine women and one man, parents with 25 children in their care. They're from Sauce, located in the northern part of the country. Unfortunately these people weren't able to study because they lacked the financial resources and needed to work from a young age. They want to give their children a better future, though, and they strive every day.
The coordinator of the communal bank is Priscila, a woman with a great desire for personal improvement. Her job is selling baked goods such as pastry, cake, spice bread, and cannoli, which she does on foot every day under the intense sun with a 20-kilogram basket on her head. She devotes about ten hours a day to her job, which she carries out with great pleasure because it has been her children's lifestyle.
The goal of the loan is to invest in working capital and stock her business with pastries for sale so she can have a better income in the near future.
Milagro de Dios Communal Bank is grateful for the help that Kiva lenders give to low-income people and poor countries such as Nicaragua.
La coordinadora del banco comunal es Priscila, es una mujer con ganas de superación personal, y tiene por actividad económica la venta de repostería como pasteles, maletas, pan de especies, cachos, actividad que desempeña de forma ambulante, con una pana en su cabeza con unos 20 kg cargando diariamente bajo el intenso sol. Ella dedica a su actividad unas 10 horas diarias; actividad que la desempeña con mucho gusto porque ha sido la forma de vida de sus hijos. El objetivo del crédito es invertir en capital de trabajo y surtir su negocio con la compra de repostería para la venta, para que en un futuro no muy lejano pueda obtener mejores ingresos. El banco comunal Milagro de Dios agradece la ayuda que los inversionistas kiva le brindan a personas de escasos recursos y países pobre como es Nicaragua.
Previous Loan DetailsThe name of this communal bank is “Milagro de Dios” (God’s Miracle). It is comprised of eight enterprising people who devote themselves to different types of work. They can be found selling recharges, making tortillas, dressmaking, butchering pigs, and selling curd and ice cream. All of them a... More from Milagro De Dios 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
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