Las Cruces Group
Carmen is a 29-year old member of Las Cruces Trust Bank who is married and has five children. Like many families in Chuanoj, Carmen and her husband are weavers. They use foot looms in order to make cortes (or traditional Guatemalan skirts), which they sell in markets nearby.
Business is doing well and demands are high for their cortes so Carmen and her husband recently decided to hire two full-time employees. She also needs more capital to buy thread in bulk, so she is requesting a loan from Friendship Brige. This way she can keep the price low, increase production and maximize their revenues. She is currently able to fill and deliver orders within an eight-day period and is working hard to shorten the delivery time.
Beyond receiving the loans, the Las Cruces Trust Bank has also created a circle of trust between its members. The women gather once a month and receive training giving by their Friendship Bridge loan officer. Through these facilitated activities, the women learn about and discuss business issues including budget management, identifying the different ways of do business (personal sales, telephone sales, wholesale sales, retail sales), and costs. The educational sessions also cover personal issues like health, hygiene, women's rights, and self-esteem. "Learning about these issues is a good benefit to our businesses," explains Carmen. "And it helps us with personal enrichment."
The Las Cruces Trust Bank acknowledges the importance of Kiva investors supporting them. They understand that in a developing country, such as Guatemala, they can create a decent working environment with your help.
About Friendship BridgeThis loan is administered by Friendship Bridge (FB), a nonprofit, nongovernmental organization that empowers thousands of impoverished Guatemalan women through its Microcredit Plus program. The program combines small loans averaging US$350 for four-to-twelve month loan terms with non-formal, participatory education.
As FB clients, women start, expand, or diversify their businesses and learn practical lessons on topics including business, health, and self-esteem. FB’s clients borrow as a group, forming Trust Banks (groups of 7-25 women who serve as co-guarantors of the loan and act as a self-regulating support network).
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