Grupo La Fe Group
Update on Grupo La Fe GroupThe community bank Grupo La Fe [The Faith Group] is made up of nine members -- one man and eight women. They are from Malpaisillo, a place that is situated in the western part of the country.
These people describe themselves as being hardworking, responsible, with good habits, and with a desire to improve themselves. Unfortunately, due to a lack of economic resources, they were not able to study for a degree and found themselves having to work from a young age. For this reason, they work hard in order to provide a better future for their children.
The coordinator of the community bank Grupo La Fe is Juana, and her business is a pulpería, located in her house. A pulpería is a small store that sells groceries in small quantities such as rice, sugar, milk, bread, beans, oil, juices and eggs. She dedicates around 12 hours a day to her business.
The goal of the loan is to invest in capital and to stock her business so that in a not-so-distant future, she can get better earnings.
The community bank Grupo La Fe is grateful for the help that Kiva investors provide to people with limited resources and to poor countries like Nicaragua so that they can make a respectable living.
La coordinadora del banco comunal Grupo la Fe es Juana y tiene por actividad económica una pulpería, ubicada en su casa de habitación. Una pulpería es una pequeña tienda que vende productos comestibles y en cantidades pequeñas como arroz, azúcar, leche, pan, frijoles, aceite, jugos, leche, huevos. Ella dedica a su negocio unas 12 horas diarias. El objetivo del crédito es invertir en capital y surtir su negocio para que en un futuro no muy lejano pueda obtener mejores ingresos. El banco comunal Grupo la Fe 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 “Grupo la Fe” communal bank is made up of eight members; all women from the Malpaisillo neighborhood, located in the western zone of the country. All of the members are responsible, hardworking women. Juana Regina is the group’s coordinator and raises and sells pigs from her home. Her ro... More from Grupo La Fe 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