Banco Mujer Nuevo Caribe Group
Update on Banco Mujer Nuevo Caribe GroupLeticia, the treasurer of the group, has been a client of the organization for two years and has taken out two previous loans. She is a tenacious mother who works intensely for the well-being of her 3 children, and especially for her son with special needs. They are the motor that drives this tireless business woman, who sells cosmetics, perfume and makeup from a well-known brand, as well as lingerie. This new injection of business capital will be used to buy more merchandise, since her clientele has increase considerably, and her demand and orders along with it. With the previous loans she was able to improve her family's living conditions and meet one of her short term goals, which was to buy an automobile to facilitate delivery and payment collection.
Together with Leticia are 8 other ladies in the group, all very dedicated, with wishes to get ahead. They carry out commercial activities and small industries.
Previous Loan DetailsLeticia is Treasurer of the “Mujer Nuevo Caribe” communal bank; she’s a very hard working woman and successful micro businesswoman. But, above all, she’s a self-sacrificing mother. She has three children, a girl, 11, and twin, 13-year-old boys one of which has cerebral palsy and because of his ... More from Banco Mujer Nuevo Caribe Group's previous loan »
More information about this loan
In Costa Rica, funding for microfinance institutions is hard to come by, and many institutions find themselves having difficulty growing and reaching all the demand for loans that exist. Kiva works with Fundacion Mujer because it attends a very marginalized population in Costa Rica, with a specific focus on women. In addition to the loan, Fundacion Mujer provides specialized training programs for their borrowers on everything from computer classes to salon training. Because of the difficulty in obtaining capital in Costa Rica, Fundacion Mujer cannot serve all the women that need loans. Therefore Kiva plays a unique role in helping Fundacion Mujer grow its portfolio and reach borrowers it otherwise would not be able to.
About Fundacion Mujer:Fundación Mujer is an organization specializing in the financial and personal development of female entrepreneurs in Costa Rica. They seek to reach underserved populations that may include indigenous communities, immigrants, refugees, victims of domestic violence or women living with HIV/AIDS. Fundación Mujer offers courses in both business and personal development, as well as training in concrete skills such as sewing and other crafts.
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