El Progreso Group
Update on El Progreso GroupThe communal bank El Progreso is made up of nine members; eight women and one man. All are responsible mothers and fathers with a total of 15 children to care for. They are originally from Sauce, located in the northern part of the country. They are known for being hard working, responsible, and with the desire to succeed. In their free time they enjoy the company of their children and preparing traditional foods such as "buñuelos." Unfortunately, due to economic circumstances, they have been obliged to work from an early age.
Thanks to their efforts and their desire to make a better life, Blanca, the coordinator for the communal bank El Progreso, decided to work with them. She runs a grocery store where she sells products like rice, beans, sugar, milk, bread, detergent, eggs, matches, cleaners, a regional drink called tiste and tortillas. She spends 12 hours a day working in her store. The goal of this loan is to invest more working capital into her business and to stock her store so that in the near future she can have higher profits. The communal bank El Progreso thanks all those lenders at Kiva who help others with little resources in poor countries like Nicaragua to have a chance at a dignified life.
Gracia a su esfuerzo y sus ganas de salir adelante la coordinadora del banco comunal El Progreso es Blanca y tiene por actividad económica una pulpería una pequeña tienda que vende productos comestibles como arroz, frijoles, azúcar, leche, pan, detergente, huevos, fósforos, cloro, tiste, tortillas. Ella dedica a su negocio unas 12 horas diarias ofreciendo sus productos. El objetivo del crédito es invertir en capital de trabajo y surtir su negocio en la compra y venta de productos comestible para que en un futuro no muy lejano pueda obtener mejores ingresos. El banco comunal El progreso agradece la ayuda que los inversionistas kiva les brindan a personas de escasos recursos y países pobre como es Nicaragua para tener un medio de trabajo digno.
Previous Loan DetailsThe El Progreso communal bank has 9 members, 7 women and two men, mothers and fathers with families and a total of 20 children in their care. They are from El Sauce, a place that is located in the northern area of the country. El Sauce is known for the production of dairy products, cream, milk, ... More from El Progreso 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.
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Success!! The loan was 100% repaid