Panales No 2 Group
Update on Panales No 2 GroupThe Panales No. 2 communal bank is comprised of eight members. They are all single, responsible women who have 15 children for whom they are responsible. They are from Sauce, which is located in the northern part of the country. These women are known for being responsible and hard-working and for having a great desire for personal improvement. Sadly, due to the lack of financial resources, they could not complete their basic education. They were obliged to work from an early age. They struggle day to day in order to give their children a better future.
Thanks to her spirit and her desire to get ahead, María Ofelia is the coordinator of the communal bank. She has a ‘pulpería’ located in her house. A ‘pulperia’ is a small store that sells food products in small quantities. She sells things like packets of coffee, packets of shampoo, rice, beans, sugar, milk, bread, cooking oil, soap, detergent, soft drinks, and juice. She works in her business selling her products about 12 hours a day.
The reason for the loan is to invest in working capital and to stock her business of buying and selling food products. She will do this in order to be able to get better income in the near future.
The Panales No. 2 communal bank is grateful for the help that the Kiva lenders provide to people with scarce resources in poor countries like Nicaragua.
Gracia a su espíritu y sus ganas de salir adelante, María Ofelia es la coordinadora del banco comunal y tiene por actividad económica una pulpería ubicada en su casa de habitación. una pulpería es una pequeña tienda que vende productos comestibles en cantidades pequeñas como sobre de café, sobre de shampoo, arroz, frijoles, azúcar, leche, pan, aceite, jabón, detergentes, gaseosas, jugos. Ella dedica a su negocio unas 12 horas diarias. Ofreciendo sus productos. El objetivo del crédito es invertir en capital de trabajo y surtir su negocio en la compra y venta de productos comestibles, para que en un futuro no muy lejano pueda obtener mejores ingresos. El banco comunal Panales No 2 agradece la ayuda que los inversionistas kiva le brindan a personas de escasos recursos y países pobre como es Nicaragua.
Previous Loan DetailsThe "Panales No. 2" communal bank is made up of eight members: seven women and one man. These members are aged between 25 and 55. They are responsible for 20 children. This group members live in the municipality of Sauce, a place located in the northern part of the country. The "Panales No. 2... More from Panales No 2 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.
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Success!! The loan was 100% repaid