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Magnolia Group
In this Group: María Elena , Mercedes De Los Ángeles, Marina Isabel , Ildefonso Joaquin, Damarys De La Concepcion

Update on Magnolia Group

This group consists of five successful micro entrepreneurs. One of them is María Elena who is 64-years-old. She’s single and has had 17 loan cycles in the institution. She started out with very small amounts and her credit history has led to the current amounts. She’s been in the institution for two consecutive years. Her business is selling food at her community’s baseball fields and at home. She’s been in this business for 25 years. She will invest the loan in the purchase of raw materials like manioc, pork, chicken, beef, cabbage, tomatoes, onions, vinegar, salt, rice, beans, sugar, oil, etc.

Mercedes is 66-years-old and sells fruit and vegetables, Marina’s 70-years-old and sells fried fast-food, Damarys, 41, sells clothes and cosmetics and Ildefonso, 22, sells clothes.
View original language description ↓
Este grupo está formado por cinco microempresarios de éxito una de ellas es María Elena quien tiene 64 años de edad, es soltera lleva 17 ciclos de préstamos en la institución inicio con montos muy pequeños y por su record crediticio ha ido en aumento los montos en la actualidad, de estar en la institución tiene dos años consecutivos, su negocio es la venta de comida ambulante, en los cuadros de beisbol cercano a su comunidad y en su domicilio con esta actividad tiene 25 años de tener su negocio. El crédito lo invertirá en la compra de materia prima como yuca, chicharrón, carne de pollo, carne de res, repollo, tomate, cebolla, vinagre, sal, arroz, frijol, azúcar, aceite etc. Mercedes tiene 66 años de edad y su negocio es la venta de verduras y frutas, Marina tiene 70 años de edad y su negocio es la venta de fritanga, Damarys tiene 41 Años de edad y su negocio es la venta de ropa y cosméticos, Idelfonso tiene 22 años y su negocio es la venta de ropa.

Previous Loan Details

Grupo Magnolia is made up of five small business owning female entrepreneurs who all work in areas similar to Samaria, who has been selling new clothing and underwear for three years. She has been a group member for four years and she will invest this loan in buying new clothes and underwear of h... More from Magnolia Group's previous loan »

Additional Information

About ADIM

Located in Central America, ADIM is a small microfinance institution with a strong social focus. In the saturated microfinance market of Nicaragua, ADIM stands out for its emphasis on the holistic development of women as well as its provision of responsible financial services. Founded in 1989 by a small group of Nicaraguan women, this institution has remained true to its initial goal of providing its clients (90% of which are women) with an opportunity for economic growth, in addition to personal and professional empowerment. Supporting an ADIM borrower means contributing not only to the continued offering of the socially conscious services it provides, but also to the sustainable growth of a truly unique microfinance institution.

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.

Tags

About Nicaragua

  • $3,636
    Average annual income
  • 73
    View loans »
    Nicaragua Loans Fundraising
  • $23,621,150
    Funds lent in using Kiva
  • 24.9
    Nicaragua Cordobas (NIO) = $1 USD
Expired
A portion of Magnolia Group's $2,150 loan helped a member to buy ingredients and supplies.
Repayment Term
10 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 10, 2013
Listed
May 30, 2013
Currency Exchange Loss:
Covered
Expired:
Jun 29, 2013