Arco Iris (Cuenca) Group
Update on Arco Iris (Cuenca) GroupThe community bank Arco Iris (Rainbow) is comprised of 13 women members and 1 man who live in the outskirts of the parish of Turi in Cuenca. This parish is often visited as it has a city overlook where you can observe the splendor of almost the whole city. It also has a beautiful church and places to enjoy the gastronomy and culture of the city. The people, like our members, are friendly, kind, and good humored and have a common goal which is to help their families to get ahead and to offer them a better future. They work in different fields such as agriculture, livestock raising, and business, and they maintain the culture and traditions of their people.
One of the members of this group is Perla. This is her third loan with the Arco Iris community bank and she likes the bank for the fellowship, unity, and good humor of the group members and for the loans that help her to improve and grow her business. She is 31 years old, married, and has two children who are 12 and 8 years old. Her husband is a teacher and the house they live in is their own.
Perla works in informal business selling costume jewelry and sandals. She works alone on market days without a fixed timetable. This activity enables her to have her own income and helps to improve the stability of the home and, at the same time, helps her to care for her family.
She used her last loan to buy merchandise for her business so she could make better profits. She will use her new loan to buy new models of sandals and more jewelry as, little by little, her business is growing and this fills her with satisfaction.
Una de las socias de este grupo es la Señora. Perla, está en su tercer crédito que realiza en el banco comunal Arco Iris, propiedad le gusta la banca comunal por todo ese compañerismo, unión y buen humor que tienen sus compañeras del grupo, los créditos le ayudan a mejorar y crecer en su negocio.
Tiene 31 años, es casada y en su unión conyugal ha concebido 2 hijos de 12 y 8 años de edad. Su esposo es profesor, la casa en la que vive es propia.
Doña Perla se dedica al comercio informal de bisutería y sandalias, trabaja solo los días de ferias sin un horario fijo, esta actividad le permite tener sus propios ingresos, ayudar a mejorar la estabilidad de su hogar y a su vez cuidar de su familia.
Su crédito anterior lo invirtió en la compra de mercadería para su negocio del cual obtuvo buenas ganancias. Su nuevo crédito va a invertir en la compra de nuevos modelos de sandalias y más bisutería porque poco a poco está creciendo en su negocio lo que le llena de satisfacción.
Previous Loan DetailsThe communal bank “Arco Iris” [Rainbow] is made up of 11 women members and one man, who live in the community of 3 Marías in the parish of Turi in Cuenca. This area is known as the city’s overlook, as from there one can admire a large part of the city of Cuenca. Its people are very hardworking ... More from Arco Iris (Cuenca) 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
- Repayment Term
- 8 months (Additional Information)
- Repayment Schedule
- Apr 10, 2013
- Jun 1, 2013
- Currency Exchange Loss:
- Nov 17, 2013
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.