Las Joyas Group
Update on Las Joyas GroupThe Friendship Bridge Trust Bank “Las Joyas” (The Jewels) are applying for a second loan cycle through KIVA. Their goal is to sustain and expand their small businesses. The ladies are enormously grateful to KIVA investors who financed their first loan cycle. Happily, the loans were repaid fully and on time. The women are hopeful that KIVA investors will fund this new loan cycle.
Rosa Leticia was featured in the first loan cycle and we are pleased to report that, because of her loan, her business has improved. Production, sales and income have increased for her, and her family has realized benefits, as well. Rosa Leticia sends greetings and great appreciation to KIVA investors.
In this report, we would like to feature another client, Angelica. She is a 31-year-old married woman with four children who range in age from 16 months to 13 years of age. Because of her leadership skills, Angelica was named President of the Trust Bank, a position that she is happy to occupy. The ladies in the Trust Bank are very responsible and Angelica is certain that this next loan cycle will be most successful.
Angelica has a thriving textile business. She buys and sells beautiful, traditional skirts called “cortes”. A “corte” is a long piece of fabric, at least six yards in length, that is wrapped around the waist and then secured with an ornate woven belt. Each village has its own unique design. Angelica is requesting a new loan in order to purchase more “cortes” to meet the demands of her customers. She intends to purchase a wider variety of designs and will be certain to only have high quality “cortes” for sale. Angelica is pleased that she generates enough income to keep three of her children in school and wants them to continue through college.
The Trust Bank “Las Joyas” acknowledges the generosity and support of KIVA investors. The ladies are quite motivated to maintain and expand their small businesses. Most of all, they look forward to providing their children with a better and more prosperous future. Thank you, KIVA investors!
Previous Loan DetailsRosa Leticia is a 19-year-old member of the “Las Joyas” (meaning “The Jewels”) Trust Bank. She is a single woman who graduated from high school last year. She is enrolled in college for her first semester, studying to be a teacher. Rosa, along with two of her family members, have a weaving and… More from Las Joyas Group's previous loan »
About Friendship BridgeThis loan is administered by Friendship Bridge (FB), a nonprofit, nongovernmental organization that empowers thousands of impoverished Guatemalan women through its Microcredit Plus program. The program combines small loans averaging US$350 for four-to-twelve month loan terms with non-formal, participatory education.
As FB clients, women start, expand, or diversify their businesses and learn practical lessons on topics including business, health, and self-esteem. FB’s clients borrow as a group, forming Trust Banks (groups of 7-25 women who serve as co-guarantors of the loan and act as a self-regulating support network).
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!