Mujeres Formales Group
Update on Mujeres Formales GroupMujeres Formales [Professional Women] is taking out its fifth loan with the goal of keeping a business stable that has grown a lot since its first loan. Claire hopes to learn how to craft new clothing styles so as to provide her customers with variety and keep her revenues up. For her, the biggest challenge in her life has been providing an education for her only son. That said, he's been an inspiration to her to always keep moving ahead in her work and never give up. Her daily routine takes her in many directions; selling clothes in the mornings whether in her house or at a customer's home, and in the afternoons focussing on collecting payments from customers who owe her installments.
Hortencia and Jesús hope to buy their own materials in order to improve their sales in the back to school season when uniforms are in high demand and people always want to have them tailored to the student. This is how this group of determined women keeps on striving for their dreams.
Previous Loan DetailsIn Santo Domingo de los Tsáchilas live three enterprising women who formed the "Mujeres Formales, JC" group. Santo Domingo is a city with a tropical humid climate and average temperature of 25º C. The city is known for being a crossroads between several cities on the equator, such as Esmeraldas,… More from Mujeres Formales Group's previous loan »
About Fundación AlternativaFundación Alternativa encourages entrepreneurship and provides sustainable financial and non-financial services that promote social and economic development in Ecuador. The organization focuses on serving poor and excluded populations through analysis of clients' living conditions and by providing business training and other support services in urban, rural and marginalized parts of the country.
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