Paz Y Progreso Group
Update on Paz Y Progreso GroupThis group, ”Paz y Progreso” [Peace and Progress], is composed of twelve women trying to improve every day. Mery, 29, is separated and has a dependent child. She recently opened a restaurant together with her mother. She feels happy knowing that thanks to her hard work, she will be able to give her son a better quality of life. He is her motivation in life. She would like to open another restaurant in the future.
This time she is requesting a loan to buy supplies such as rice, sugar, oil, noodles and milk in greater quantities in order to get a better price. The members of the group “Paz y Progreso” appreciate the support given and promise to continue working hard. Mery is the one standing in the back, third from right to left, and is wearing a pink t-shirt and a blue sweater.
Previous Loan DetailsSeñora Inés C., an enthusiastic and enterprising worker, is 49 years old, married with three children. Currently, she is taking on the position of president of the “Paz y Progreso” (Peace and Progress) community bank. She has been working with EDAPROSPO – Prosperidad for 5 years. Her community… More from Paz 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