Mujeres Las Estrellas Group
Update on Mujeres Las Estrellas GroupA year ago, the trust bank Mujeres Las Estrellas (Women Stars), requested its first loan through KIVA, which was successfully funded. Now we are happy to report that the group finished paying back the loan a few days ago. The women are grateful and satisfied with the progress, because their small businesses have either grown a little or have maintained the same level. Currently the 8 women of this trust bank are starting another loan cycle and they are asking again for funds through KIVA.
Just as a reminder, these ladies are from a rural area in Guatemala full of agriculture fields, including the sweet crop of strawberries. In their last loan cycle we told the story of Rosa, who is doing great and is still part of the group. Now we want to share the story of Marta who is 34 years old and currently playing the role of secretary of the trust bank.
Marta is married and has 2 children aged 8 and 5 years old. She and her family are farmers and they are dedicated to the cultivation of strawberries, starting about 7 years ago. However, they could not grow as much as they wanted, because they needed financial capital. That is when Marta decided to join Friendship Bridge with the intention of finding working capital. She was accepted into the Microcredit Plus program from Friendship Bridge, which includes a loan and training. Now Marta is starting her third loan cycle. The amount requested will help her to buy foliar fertilizer and organic fertilizer for her crops, so they can continue with production. Marta's family cultivates 4 acres of land and has potential clients to whom they deliver between 25 and 35 boxes of strawberries. This allows the working capital to move more easily affording the family a consistent income.
In addition to the cultivation of strawberries, Marta also plants corn, beans, and squash. These products are used for both the family's own consumption and for sale. This means that Marta has the ability to repay the loan each month.
Both Marta and the other women of the group, receive training on business administration, money management, women's health, children's rights, and health, among other issues that are part of the benefit of Friendship Bridge's micro-credit and education program that serves to increase the knowledge of these women.
Previous Loan DetailsEight enthusiastic and empowered women make up the Trust Bank, Mujeres Las Estrellas (The Stars Women). They run businesses that revolve around agriculture and textiles in the lush village of San Jose Chirijuyu, Chimaltenango. This is a rural area in Guatemala full of agriculture fields, including… More from Mujeres Las Estrellas Group's previous loan »
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).
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