A group of neighbors and friends make up the communal bank called “El Progreso de Patria” (Patria's Progress), which is located in the town of Patria. Carmen Rosa is 29-years old and lives in Patria. She is a responsible and friendly person who has been able to get ahead. Her main financial activity is farming. She has a few plots of land where she grows fruits and cereals. At this time, Carmen Rosa needs the loan to purchase compost and other items. The communal bank is made up of a number of people who are constantly looking for opportunities to get ahead and, with their daily hard work, to give a better future to their children. The other members of the communal bank make their livings in agriculture, selling wood, clothing sales, selling food, raising small animals, building houses etc. The members are all grateful for the opportunity being offered, and they promise to each pay back their loans in their individually established time frames. (Patria is known for its products from the jungle as well as its lodging and restaurants. It is the point of entry to Manu National Park).
Un grupo de vecinos y amigos formaron el banco comunal “El Progreso de Patria” en el poblado de Patria. Carmen Rosa tiene 29 años de edad y vive en el poblado de Patria, ella es una persona responsable y amable que sale adelante pues su actividad económica principal es la agricultura pues tiene varios terrenos de cultivos como frutas y cereales y en esta oportunidad requiere el préstamo para comprar abono y otras cosas. Este banco comunal está conformado por varias personas que buscan a cada momento las oportunidades para salir adelante y con su esfuerzo diario entregar un mejor futuro a sus hijos. Los socios se dedican a la agricultura, venta de madera, venta de ropa, venta de comida, a la crianza de animales menores, a la construcción de casas y otras cosas más. Los socios en general agradecen la oportunidad brindada y se comprometen a cumplir con el pago de sus diferentes cuotas en los plazos establecidos. (El poblado de Patria se destaca por el comercio de productos de la selva, así como servicios de alojamiento y restaurantes. Punto de ingreso al Parque Nacional del Manu.)
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About 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).
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.