Illary - Chaska Group
Update on Illary - Chaska GroupThe members are part of the communal bank "ILLARY CHASKA" of the Asociación Arariwa, and they all live in the beautiful city of Cusco.
Hugo continues to be a member of this communal bank with the Asociación Arariwa in the department of Cusco, Peru. The communal bank is in its third year and all the members are doing very well. Hugo still lives in the historic city of Cusco in the department of Cusco, Peru. In Cusco, most people work in various types of businesses, and to provide services, as these businesses have a strong relationship with tourism. Hugo continues to sell energy products and food by the brand TIENS. The previous loan was very good for Hugo; he was able to increase his income.
Now Hugo needs the loan to buy more energy products.
The other members work selling shoes, as a taxi driver, as a theatre director, and as educators. The members who appear in the lower portion of the photograph arrived after the meeting.
Hugo sigue perteneciendo al banco comunal de la Asociación Arariwa del departamento del Cusco, Perú. El banco comunal esta en el tercer año de funcionamiento y a todos los socios les va muy bien. Hugo sigue viviendo en la histórica ciudad del Cusco del departamento del Cusco, Perú. En la ciudad del Cusco la mayoría de personas se dedican a diferentes tipos de negocios y a brindar servicios pues los negocios están fuertemente relacionados con el turismo. Hugo continúa vendiendo productos energéticos y alimenticios de la marca TIENS. Hugo con el anterior crédito le fue muy bien pudo incrementar sus ingresos económicos. En esta oportunidad Hugo requiere el préstamo para comprar más productos energéticos.
Los otros socios se dedican al negocio de venta de zapatos, brindando el servicio de taxi, director de teatro y docentes. los socios que aparecen en la parte inferior de la fotografía llegaron después de la reunión.
Previous Loan DetailsThis communal bank is called “Illary Chaska”, located in Cusco, and Yative is one of the members. She is single, 56 years old, and is a mother of three. She performs various jobs: she is a teacher in a school in Cusco, and she also sells beauty products, like lotions, perfumes, colognes, etc. She... More from Illary - Chaska Group's previous loan »
Important InformationAbout Asociación Arariwa
Asociación Arariwa is a large non-governmental organization that started offering microcredit in 1994 to improve the quality of life, skills and equity of the population in the rural Cusco region of Peru. Arariwa serves the southern Andean provinces of Peru, and is distinguished by its efforts to reach the very poor, who often live in isolated rural areas. Arariwa fosters village banking, supports savings accounts, promotes access to education, and empowers women entrepreneurs (who make up 78% of its borrowers).
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.
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Success!! The loan was 100% repaid