Banco De Piedra Group
Update on Banco De Piedra GroupThe group "Banco de Piedra" (Stone Quarry) is made up of seven members. They live in a very quiet community where the people generally make a living by growing corn. They chose this name for their group because where they live there is a stone quarry from which they quarry stone to build their houses. Francisca, or Fran as they call her in a friendly way, is a group member; she is 36 years old and has been living with Mr. Antonio for 10 years. They have two children together who are going to elementary school. Fran works breeding sheep; she fattens them and then sells them. She has been doing this for three years. She says that she started this business because, when they offered her the loan, she decided to buy sheep and also because it is very convenient for her; she doesn't need to invest a lot of time in it, when she has the time she takes her sheep to the pasture to graze and takes her children with her as well to play with them while the sheep are eating. The only problem Mrs. Fran has is that sometimes her sheep get sick. Whenever she can and has the means to do it, she takes her sheep to a veterinarian to save them. This time she is requesting the loan to purchase four young sheep. She is very grateful for this opportunity because she will be able to buy her animals and sell them in a few months: "With my profit I can help my husband with our living expenses and buy necessary things for the education of our children such as school material, shoes etc., as well as pay their school tuition." The other members of the group are Teresa, who will use the money to sell cosmetics; Alberta and Mr. Mario, who will invest the money in a convenience store; and Rosa, Laura, Francisca and Basilia who will use the loan to buy sheep.
Previous Loan DetailsThe group Banco de Piedra (Stone Bank) is made up of seven members; they live in a very quiet community where the people generally make a living in growing corn. They selected this name for their group because in the community where they live, there is a bank where the people extract stone; they... More from Banco De Piedra Group's previous loan »
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
- 6 months (Additional Information)
- Repayment Schedule
- Oct 30, 2013
- Nov 6, 2013
- Currency Exchange Loss:
- Mar 17, 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.