Banco Mujer Forjando Sueños Y Metas Group
Update on Banco Mujer Forjando Sueños Y Metas GroupThis group has always presented an excellent conduct in terms of loan repayment, they have managed to increase their savings and if one of the members were to have an emergency, they could request money from the group and repay it a month later with interest. A lot of them have changed their activity as the area in which they live they are unable to have animals to fatten up. Despite this, they manage to continue in sales and it is currently going very well and they are making good profits. The plan to invest in the purchase of make-up, clothing and jewelry catalogs, pigs, and grocery supplies for a store.
The members who founded the group are not currently involved, but the five who remain are the right ones to continue operating it. They are all very hardworking and with a desire to keep working in their own businesses as they live in one of the rural areas of San José where there are not enough employment opportunities.
They chose Fundación Mujer as no other financier can lend them money for their activities, in addition, they like the follow-up that they get with the loan.
Previous Loan DetailsAt the end of the previous loan the members of "Banco Mujer Forjando Sueños y Metas" (Women's Bank of Forging Goals and Dreams) had expanded their business by increasing the number of bred pigs. They also had the opportunity of receiving some training workshops in motivational tools for successfu... More from Banco Mujer Forjando Sueños Y Metas Group's previous loan »
More information about this loan
In Costa Rica, funding for microfinance institutions is hard to come by, and many institutions find themselves having difficulty growing and reaching all the demand for loans that exist. Kiva works with Fundacion Mujer because it attends a very marginalized population in Costa Rica, with a specific focus on women. In addition to the loan, Fundacion Mujer provides specialized training programs for their borrowers on everything from computer classes to salon training. Because of the difficulty in obtaining capital in Costa Rica, Fundacion Mujer cannot serve all the women that need loans. Therefore Kiva plays a unique role in helping Fundacion Mujer grow its portfolio and reach borrowers it otherwise would not be able to.
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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This loan has been fully funded!