Responsabilidad Y Progreso Group
Update on Responsabilidad Y Progreso GroupNancy, age 41, is a widow with five children. Two of them are still dependent upon her. She's been with EDAPROSPO for two years. She sells cakes. Her daughter encouraged her to start and motivated her to set up her own business as an independent person. Nancy also sells food. With her effort and her work, Nancy has managed to build her house and to give her family a better quality of life. She covers the expenses for food, education, clothing, and household services. Her plan for the future is to build a second floor onto her house. She also plans for her children to attend the university.
She is using the loan to buy raw material. Nancy belongs to the Responsibilidad y Progreso communal bank. The bank is comprised of six people, and Nancy is the president. She is the person standing in the group. Nancy is standing with a white jacket, and she is next to the other women.
Previous Loan DetailsNancy is a widow with 5 dependent children. She's been with EDAPROSPO for a year and a half, and she's had a business selling sandals for more than 5 years. She was initially motivated by one of her children, who inspired her to devote herself to this business to make it profitable. With her e... More from Responsabilidad Y Progreso Group's previous loan »
About EDAPROSPOEDAPROSPO seeks to use micro-credit to foster productive commercial activity for the sake of economic and social development within vulnerable urban and rural sectors traditionally neglected by commercial banks. By offering innovative products such as technical education loans and microfinance groups for young people, EDAPROSPO helps disadvantaged Peruvians lift themselves out of poverty.
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