El Milagro De Santa Ana Group
Each of the women in this group are hard-working entrepreneurial ladies that dream of growing and bettering their businesses. Most of them are involved in the production and selling of food. For example, one of them promotes her business on Facebook and provides updates on the new products she will sell in the near future. There is also a woman who sells corn meal (the only one in the area) and another who sells products by catalog.
Carmen Lucrecia (2nd from left to right) is a 48 year-old single mom who went to school through 9th grade. She has two daughters, one that is already married who contributes Q400 ($53) per month to the household income and a younger daughter that still lives with her. Her younger daughter also has a daughter and Carmen Lucrecia pays for her school. Carmen Lucrecia has been selling food at the park of Santa Ana for the last 12 years and has become famous for her garlic bread, a product she introduced long ago to differentiate herself from the competition. She calls her big delicious bread “Neco” and this is the main attraction for her customers. She will share this business with her daughters so they have a place to work and support their families as well.
Her dream is to learn how to manage her income, separate her profit from her personal expenses and be able to save enough money to open a new place to sell food in the village of Jocotenango. Currently she has a profit of Q986 (US$130) and works 240 hours (US$0.54/hour) per month. Her plan for the next 9 months is to increase her profit to Q1,665 (US$220). She knows that with the support of Namaste she will learn how to calculate and better manage her profit so she can open an additional location to sell her food.
More information about this loan
In addition to a micro-loan, through its Business Development Program, Fundacion Namaste Guatemaya, provides its borrowers with the business support that will help their enterprises grow.
Namaste provides financial literacy, business education, cash flow analysis, and opportunities for entrepreneurs to to share experiences and best practices. The capstone of their model are Business Advisors that provide each borrower with one-on-one mentoring.
Namaste measures it success through the increase in profits of its borrowers. Of the more than 900 Namaste borrowers who have completed the business development program, on average their profits increased by 41%. Namaste clients are averaging USD2.50 per hour vs the Guatemala minimum wage of UDS1.00.
About Fundacion Namaste GuatemayaFundacion Namaste Guatemaya (Fundacion Namaste) is a non-profit organization in Guatemala that focuses on empowering women with microloans and mentoring. Its flagship program is the Namaste Business Development Program (NBDP), which combines personalized mentorship, financial literacy and customized microloans to help women entrepreneurs formalize their business models and increase their profits.
To date, approximately 1,000 women have completed the NBDP program, and over 500 women are actively enrolled. Kiva lenders’ funds enable Fundacion Namaste to reach even more women in Guatemala, particularly in rural and idigenous communities.
Fundacion Namaste joined Kiva through our Experimental Partnership Program, and has therefore received a lighter level of due diligence. Accordingly, loans associated with this partner carry a higher level of risk than typical Kiva loans.
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