Update on Sutiava GroupThe communal bank Sutiava comprises twelve members. They are all single mothers who have a total of twenty children under their charge. They are originally from El Sauce, a town located in the northern area of the country. These women are known for being responsible, hardworking, and eager to improve themselves. Unfortunately, they were not able to go to school due to lacking financial resources, and they had to start working at a young age. That is why they are fighting every day for a better future for their children.
Fania Yudel is the coordinator for Sutiava communal bank. Her business is selling new clothing like pants, shirts, skirts, underwear, sheets, nightgowns, and pajamas. She dedicates about ten hours a day to her business, offering her merchandise as a street vendor and carrying a bundle of around 20 kilograms of merchandise. The purpose of this loan is to invest in merchandise and make the most of the holidays. Increasing her amount of merchandise will allow her to obtain higher earnings in the near future.
The communal bank Sutiava appreciates the assistance Kiva lenders provide to people with limited resources in poor countries like Nicaragua in order for them to work and earn a decent living.
La coordinadora del banco comunal Sutiava, Fania Yudel es la coordinadora, y tiene por actividad económica la venta de ropa nueva como pantalones, camisas, faldas, ropa interior, sabanas, camisolas, pillamas. Ella dedica a su actividad unas 10 horas diarias ofreciendo su mercadería de forma ambulante, con un bulto de unos 20 kg ofreciendo su mercadería. El objetivo del crédito es invertir en mercadería y aprovechar las fechas festivas, e incrementar su mercadería para que en un futuro no muy lejano pueda obtener mejores ingresos. El banco comunal Sutiava agradece la ayuda que los inversionistas kiva le brindan a personas de escasos recursos y países pobre como es Nicaragua para tener un medio de trabajo digno.
Previous Loan DetailsThe communal bank, Sutiava, consists of 14 members, all single mothers with a total of 20 children under their responsibility. The originate from the town of Sauce which is located in the north of the country. These women are characterized as responsible, hardworking and well mannered. In previous… More from Sutiava 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