Asociacion De Agua Oriental - Eden Group
It is now suffering from sedimentation, and the flow is drying up. That is why, in assembly, they resolve to sign a contract with a company to drill a well. They need 80,000 liters of water a day, and they need to build an elevated tank to keep and distribute the water. To do this, they have part of their resources in a savings account. However, in order to complete the amount, they need a loan.
The neighborhood has grown to more than 250 families. Currently, the are not covering the difference because of supply. It is a neighborhood that, little by little, and with their own contributions, is addressing different works of improvement in order to achieve a better quality of life for all of the families that live in the community.
The board of directors is comprised of Martha, Ada, Rosario, and Rober. They are the representatives for the administration. Rober was not able to appear in the photo above.
About CIDRECIDRE is a Bolivian microfinance institution with a strong social commitment to the community. It works to provide quality financial services to rural and peri-urban borrowers, focusing primarily on agricultural loans for dairy farmers and micro-enterprises. CIDRE targets segments of the population that have not traditionally had access to credit, and invests in much-needed community development projects. It is currently working with coca farmers in the Chapare region to replace coca with less controversial crops. Get more involved by joining the Friends of CIDRE lending team.
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.
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This loan has been fully funded!