Luz Divina Group
Update on Luz Divina GroupThe 'Luz Divina' (Divine Light) community bank has 8 members who are all single mothers and, between them, have 20 children in their care. They are from El Sauce, in the western part of the country, an area which is known for its production of milk, cuajada, cheese and cream. These women are noted for being hard-working and responsible, and having a desire to improve themselves. Unfortunately, none of them was able to attend school. However, they work hard every day so that their children can enjoy a better future and become good, upstanding citizens.
The coordinator of the Luz Divina community bank is Nubia, whose business is making and selling cuajada (a type of cheese). She makes her sales from home and also as an itinerant street vendor. Nubia works for 8 hours a day, selling her products which she carries in a 15kg (33lb) basket on her head. She is requesting this loan to invest in working capital and buy raw materials for making and selling cuajada such as milk, rennet and plastic bags so that, in the not-so-distant future, she can make better income. The 'Luz Divina' community bank is grateful for the help that Kiva lenders provide to people with limited resources in poor countries such as Nicaragua so that they can earn a decent living.
La coordinadora del banco comunal Luz Divina es Nubia y tiene por actividad económica la elaboración y venta de cuajada, en su casa de habitación y de forma ambulante. La rutina de trabajo de Nubia es de unas 8 horas diaria, ofreciendo sus productos con una pana en la cabeza de unos 15 kg. El objetivo del crédito es invertir en capital de trabajo y compra materia prima para la elaboración y venta de la cuajada, como leche, cuajo, Bolsas plásticas. Para que en un futuro no muy lejano pueda obtener mejores ingresos. El banco comunal Luz Divina agradece la ayuda que los inversionistas kiva les brindan a personas de escasos recursos y países pobre como es Nicaragua para tener un medio de trabajo digno.
Previous Loan DetailsThe Luz Divina (Divine Light) communal bank is made up of eight members; all women between the ages of 25 and 55 years old, and single mothers with 15 children under their responsibility. They are from El Sauce, a place located in the northern region of the country. El Sauce is known for being ... More from Luz Divina 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