La Vecindad Del Cinco Group
Update on La Vecindad Del Cinco GroupThis is a group composed of 6 enterprising and very creative people. These are the members of the “la Vecindad del Cinco” communal bank. Elsa is 42 years old and the mother of 3 children. She has worked for 6 years selling food in a small market (renting). Elsa tells us that she has come to have loyal clients which generate enough income to cover the household expenses. In the future she would like to have her own stand to sell food during the day and also at night and gain more revenues. With the loan she will invest in buying more products (rice, groceries, chairs, tables, cutlery, plates etc.) and be able to get ahead. At the same time Elsa and all the members are grateful to Kiva and Edaprospo for the loan and the confidence placed in them. Elsa stands out wearing her violet sweater and is the first person to the right. They say good-bye with the promise to fulfill all their proposed goals.
Previous Loan DetailsThis group is comprised of five enterprising and very creative businesswomen. They are the members of the group "La Vecindad Del Cinco" (The Neighborhood of Five). Mrs. Eva is 61 years old. She lives with her partner, and is the mother of five children. Eva has had a small grocery store for thre... More from La Vecindad Del Cinco Group's previous loan »
About EDAPROSPOEDAPROSPO seeks to use micro-credit to foster productive commercial activity for the sake of economic and social development within vulnerable urban and rural sectors traditionally neglected by commercial banks. By offering innovative products such as technical education loans and microfinance groups for young people, EDAPROSPO helps disadvantaged Peruvians lift themselves out of poverty.
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