Recently in Chunima, a new Friendship Bridge Trust was formed consisting of nine ladies. The women honored their community by naming their Trust Bank Chunima. Their average age is 31 years and each averages three children. Most of them have only had two years of formal education. The ladies are very enthusiastic and excited because this is their very first loan cycle!
They understand that with careful planning and understanding of business and money practices, they will be able to grow their businesses. Besides learning about effective business management, they will receive other training during their monthly meetings given by Friendship Bridge staff on other topics like women’s leadership, women’s rights, identity and self esteem. Meetings are held in their own community of Chunima in their own native language.
Carmen has been elected President of the Trust Bank. She is 30 years old and since she has never held a position like this, she is a little nervous. But Carmen is also excited and is looking forward to being an efficient and informed officer. She is also requesting a loan which she will use to purchase more medicines for her little pharmacy which is a vital lifeline for this remote community. Carmen will also use part of her loan to purchase materials for creating fabrics.
The nine hardworking women of the Chunima Trust Bank are anticipating a brighter future armed with the micro-loans and educational training provided by Friendship Bridge. They know that they must work hard and keep their goals in focus. They express their gratitude to KIVA investors for their confidence and generosity in funding their loans.
About Friendship BridgeThis loan is administered by Friendship Bridge (FB), a nonprofit, nongovernmental organization that empowers thousands of impoverished Guatemalan women through its Microcredit Plus program. The program combines small loans averaging US$350 for four-to-twelve month loan terms with non-formal, participatory education.
As FB clients, women start, expand, or diversify their businesses and learn practical lessons on topics including business, health, and self-esteem. FB’s clients borrow as a group, forming Trust Banks (groups of 7-25 women who serve as co-guarantors of the loan and act as a self-regulating support network).
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