Update on Venceremos GroupThe "Venceremos" communal bank is made up of eight members - seven women and one man. They are all responsible parents with a total of 15 children under their care. The members are all from the west of Nicaragua and are hard-working, responsible, and have a desire to do better than they have ever done before. Unfortunately, due to a lack of money, the group's members did not study at university and needed to work from a young age. Now, each member of the group is fighting to provide their family with better financial stability.
Thanks to her efforts and her desire to get ahead, the group's coördinator is Juana. She has a grocery store, where she sells consumable products, such as rice, beans, sugar, milk, bread, detergent, soap, eggs, and matches, in small quantities. Juana works twelve hours every day, selling her products from a room in her home. This loan will be used to invest in working capital and to stock-up her business by buying and selling consumable products. It is hoped that, in the not-too-distant-future, Juana will be able to earn a higher income.
La asociación comunal Venceremos está conformada por ocho integrantes siete mujeres y un hombre, madres y padres responsables con 15 hijos bajo su responsabilidad. Son originarias de la zona de occidente del país. Se caracterizan por ser trabajadoras, responsables, con ganas de superación personal. Lamentablemente por falta de recursos económicos no cursaron una carrera y se vieron en la necesidad de trabajar desde temprana edad. En la actualidad luchan por brindarle a su familia una mejor estabilidad.
Gracias a su esfuerzo y sus ganas de salir adelante la coordinadora es Juana y tiene por actividad económica una pulpería, es una pequeña tienda que vende productos comestibles en cantidades pequeñas como arroz, frijoles, azúcar, leche, pan, detergente, jabón, huevos, fósforos. Ella dedica a su negocio unas 12 horas diarias ofreciendo sus productos el cual lo tiene ubicado 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.
Previous Loan DetailsThe Community Bank, "Venceremos," (Overcome), is made up of eight members - seven women and one man. All the members are responsible parents, with a collective 15 children in their care. All the group members are from the town of León, which is located in the western region of Nicaragua. In their… More from Venceremos 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
- Repayment Term
- 8 months (Additional Information)
- Repayment Schedule
- Nov 21, 2013
- Dec 6, 2013
- Currency Exchange Loss:
- Jun 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.