Update on Venceremos GroupThe Community Bank, "Venceremos," (Overcome), is made up of eight members - seven women and one man. All the members are responsible parents, with a collective 15 children in their care. All the group members are from the town of León, which is located in the western region of Nicaragua. In their free time, the group members like to spend quality time with their families. Even though none of the group members were able to complete higher education degrees, they work as hard as they can every day to provide for their families and give their children a bright future.
Benita is the group coordinator, and she makes a living operating a small general store out of her home. She sells small quantities of a wide variety of products, including: rice, sugar, beans, corn, matches, shampoo, detergents, soap, juices, bread, milk, eggs, etc. She hopes to invest the support from this loan in restocking her business in order to offer a greater variety of products to her customers and increase her profits. Benita works 12 hours every day at her store, and she is very dedicated to the business.
The Community Bank Venceremos is grateful to Kiva lenders for their generous support of persons with scarce resources all around the world who want to make an honest living.
Benita es la coordinadora del banco comunal y tiene por actividad económica una pulpería que está ubicado en su casa de habitación. Una pulpería es una pequeña tienda que tiene por actividades económica la venta de productos comestibles y en cantidades pequeñas como caja de arroz, azúcar, frijoles, maíz, caja de fósforos, sobre se shampoo, detergente, jabón, jugos, pan, leche, huevos. 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. Ella dedica a su negocio unas 12 horas diarias ofreciendo sus productos. Actividad que las desempeña con mucho gusto. El banco comunal Venceremos agradece la ayuda que los inversionistas kiva le brindan a personas escasos recursos y países pobre como es Nicaragua para tener medio de trabajo digno.
Previous Loan DetailsThe Communal Bank “Venceremos” (We Will Overcome) consists of eight members. Seven of the members are single mothers who are responsible for 14 children among them. There is one male member. All of them are responsible and hardworking individuals. The members are originally from the town of M... More from Venceremos 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
- Repayment Term
- 7 months (Additional Information)
- Repayment Schedule
- Jun 7, 2013
- Jul 7, 2013
- Currency Exchange Loss:
- Dec 17, 2013
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.