Banco Comunal Cristo Rey Group
Update on Banco Comunal Cristo Rey GroupThe "Cristo Rey" communal bank is comprised of 8 members, mothers and fathers with 15 children in their responsibility. They are from the community of Sauce which is located in the northern area of the country. They are hard-working, responsible people with a desire of self improvement. In their spare moments they like to enjoy the company of their children and prepare typical food from the region which is "el buñuelo" (cream puff). Unfortunately, due to the lack of economic resources they were not able to study for a degree and they were obligated to work since an early age to help with the home expenses.
Thanks to her efforts and desire to move forward the coordinator of the bank is Aracelis. Her business is a grocery store located in her house. The store is small and she sells edible products like rice, sugar, beans, bread, milk, eggs, detergents, juice, fruits, caramels, hot chocolate, and barley.
She invests 12 hours daily in her business. The objective of the loan is to invest in working capital and stock her grocery store so that in the not-so-far future she may obtain more income. The communal bank "Cristo Rey" is thankful for the help that the Kiva investors provide to people of limited resources and poor countries like Nicaragua in order to have a dignified type of work.
Gracia a su esfuerzo y sus ganas de salir adelante la coordinadora del banco es Aracelis y tiene por actividad económica una pulpería es su casa de habitación, una pulpería es una pequeña tienda que vende productos comestibles como arroz, azúcar, frijoles, pan, leche, huevos, detergentes, jugos, frutas, caramelos, tiste, cebada. Ella invierte unas 12 horas diarias en su negocio. El objetivo del crédito es invertir en capital de trabajo y surtir su pulpería para que en un futuro no muy lejano pueda obtener mejores ingresos. El banco comunal Cristo Rey agradece la ayuda que los inversionistas kiva le brindan a personas de escasos recursos y países pobre como es Nicaragua para tener un medio de trabajo digno.
Previous Loan DetailsThe "Cristo Rey" communal bank is comprised of eight members, seven of whom are women and one is a man. They're responsible, hardworking people with a lot of drive to succeed. These members belong to the community of Sauce, which is located in the northern area of the country and is known for its... More from Banco Comunal Cristo Rey 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
- 9 months (Additional Information)
- Repayment Schedule
- Aug 16, 2013
- Sep 11, 2013
- Currency Exchange Loss:
- Apr 16, 2014
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.