The Women´s Bank Of Dorcas Group
Update on The Women´s Bank Of Dorcas GroupOfelia is 66 years old, the single mother of 4 children, all adults now, just 2 of whom still depend on the productive activity she carries out. Ofelia is an artisan of the zone, very well known for the very original work she does. She sees this as is a gift that she has been able to exploit in a good way. Her customers are faithful to her production because these items are well-designed and of quality.
Ofelia makes the articles in the corridor of her house, requiring approximately one complete day to finish each one, depending upon the design solicited. Also, it is important to recall that she offers courses in artisan crafts for women of the community who wish to have their own income from their work. In Ofelia's case, it has permitted her to provide a better condition of life for her family.
She has selected the Women's Foundation for this loan because of her many years working with them, which have gone very well. Ofelia has been very responsible in making her monthly payments, completely paying off her debts.
Ofelia hopes that in the future, her granddaughter will continue to produce what she is teaching her to, so that this inheritance and ability will continue in the family.
Eligió Fundación Mujer porque tiene muchos años de trabajar con ellos y le ha ido muy bien ya que responde correctamente a los pagos que debe realizar mensualmente, hasta que logra cancelar su deuda por completo.
Ella espera que un futuro su nieta continué confeccionando lo que ella también le esta enseñando, para que esta herencia y habilidad continué en la familia.
Previous Loan DetailsThe name of this women’s bank, Dorcas, was chosen by the seven group members because it alludes to a woman in the Bible who did work in order to help other women like widows and older people; the help was usually in kind which is why this name alludes to communal bank methodology: women helping… More from The Women´s Bank Of Dorcas Group's previous loan »
More information about this loan
In Costa Rica, funding for microfinance institutions is hard to come by, and many institutions find themselves having difficulty growing and reaching all the demand for loans that exist. Kiva works with Fundacion Mujer because it attends a very marginalized population in Costa Rica, with a specific focus on women. In addition to the loan, Fundacion Mujer provides specialized training programs for their borrowers on everything from computer classes to salon training. Because of the difficulty in obtaining capital in Costa Rica, Fundacion Mujer cannot serve all the women that need loans. Therefore Kiva plays a unique role in helping Fundacion Mujer grow its portfolio and reach borrowers it otherwise would not be able to.
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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This loan has been fully funded!