La Union Hace La Fuerza Group
Update on La Union Hace La Fuerza GroupThe “LA UNION HACE LA FUERZA” communal bank is composed of honest and hard-working men and women who are very pleased to be in their 7th loan cycle.
Ivan is 44 years old. He is in a common-law relationship and has two children studying in Secondary School. For 20 years he has been offering taxi services. Years ago he worked for a public entity doing maintenance on vehicles. The loan will be invested in the maintenance of his vehicle.
The group is grateful to the lenders from Kiva for the loan. Ivan is the person standing on the right side of the group.
Previous Loan DetailsThe La Unión Hace La Fuerza group is made up of six dynamic and responsible members, including Giannina. Giannina has worked for more than a year selling food. She started this work with the idea of having her own business. She feels happy with her work since thanks to her effort she has been ... More from La Union Hace La Fuerza 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