Banco Comunal Cristo Rey Group
Update on Banco Comunal Cristo Rey GroupThe Communal Bank “Cristo Rey” (Christ the King) consists of eight members, six women and two men. They are responsible parents who care for 15 children among them. The members are originally from El Sauce, a place that is located in the western part of the country. They are known for being hardworking, responsible, and having the drive to succeed on a personal level. Unfortunately, due to a lack of financial resources, they were not able to pursue their studies. At the moment, they strive each day to provide a better future for their children.
Thanks to her efforts and her desire to move forward, Ricarda was appointed the group coordinator. Her business is a small store where she sells products such as sugar, milk, bread, eggs, matches, juices, cookies, sodas, cheese, and “tiste” (a traditional beverage made from corn and cocoa powder). Ricarda devotes approximately 12 hours a day to her business by offering her products. The purpose of her loan is to invest it as operating capital so that she can restock her business of buying and selling basic products. In the near future, she would like to generate more income.
The Communal Bank “Cristo Rey” is grateful for the assistance that Kiva lenders provide to people who have limited resources and come from poor countries, such as Nicaragua, so that they can earn a decent living.
Gracias a su esfuerzo y sus ganas de salir adelante, la coordinadora es Ricardo y tiene por actividad económica una pulpería es una pequeña tienda que vende productos comestibles como: azúcar, leche, pan, huevos, fósforos, jugos, galletas, gaseosas, queso, tiste. Ella dedica a su negocio unas 12 horas diarias ofreciendo su producto. 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. Cristo Rey agradece la ayuda que los inversionistas kiva les brindan a personas de escasos recursos y países pobre como es Nicaragua para tener un medio de trabajo digno.
Previous Loan DetailsThe "Cristo Rey" communal bank is comprised of 8 members, mothers and fathers with 15 children in their responsibility. They are from the community of Sauce which is located in the northern area of the country. They are hard-working, responsible people with a desire of self improvement. In their… More from Banco Comunal Cristo Rey 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