Los Angeles Group
Update on Los Angeles GroupThe Los Ángeles communal bank consists of 12 people, responsible mothers and fathers with 15 children in their care. They are from Malpaisillo, a place located in the country’s north. These folks are noted for being hardworking, responsible and with a strong wish for self-improvement. Sadly, they were unable to study for lack of economic resources but they strive daily to provide a better future for their children.
Thanks to her effort and drive to get ahead, Yanett’s the bank coordinator and her economic activity is a home-based “pulpería” which is a small store selling grocery items like rice, beans, sugar, milk, bread, detergent, soft-drinks, juice, eggs, cream, cheese and matches in small amounts. She spends about 12 hours in her store daily selling her goods, an activity that takes place at home.
The loan’s objective is to invest in working capital to stock the store with grocery items to sell so that in the not too distant future she’ll earn higher income.
The Los Ángeles communal bank thanks Kiva lenders for the support they provide to people of scarce resources and to poor countries like Nicaragua so they can have ways of earning a living with dignity.
Gracia a sus esfuerzo y sus ganas de salir adelante la coordinadora del banco es Yanett y tiene por actividad económica la una pulpería en su casa de habitación. una pulpería es una pequeña tienda que vende productos comestibles en cantidades pequeñas como arroz, frijoles, azúcar, leche, pan, detergente, jugos, gaseosas, huevos, queso, crema, fósforos. Ella dedica a su negocio unas 12 horas diarias ofreciendo sus productos, actividad que la realiza en su casa de habitación. El objetivo del crédito es invertir en capital de trabajo y surtir su negocio en la compra y venta de productos comestibles para que en un futuro no muy lejano pueda obtener mejores ingresos. El banco comunal Los Ángeles 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 Los Angeles communal bank is made up of eleven members: ten women and one man. It originates in Malpaisillo, which is located in the west of the country. The members are all hard-working and responsible and strive for self-improvement. Unfortunately, because of lack of economic resources, the... More from Los Angeles 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