Update on Chuipachaj GroupThe Friendship Bridge Trust Bank Chuipachaj (meaning “By the Trees” in the “Kiche” Mayan language) is happy and thankful to report that they have successfully concluded their previous loan cycle and are ready to begin a new one. They are most hopeful that KIVA lenders will again place their trust in the women, most of whom are weavers.
In the previous loan cycle, we shared a report on the President of the Trust Bank, whose name is Margarita. She is 39 years of age with two children. Thanks to her profits from her weaving business, she was not only able to cover the monthly expenses of the family but also able to send her daughter to college. This has been a dream for both mother and daughter. In addition, her son is enrolled in school. Margarita is requesting a new loan in order to purchase weaving supplies, including high-quality threads, for her business.
As she has been involved with Friendship Bridge for the past five years, Margarita has learned a great deal from the non-formal education segments of the monthly meetings. A Loan Officer from Friendship Bridge meets with the women and presents them with information about business management, budgeting and accounting, as well as information on children’s and women’s health and nutrition. Other topics include over-indebtedness and customer service. It is the combination of the loans and the non-formal education component that Friendship Bridge calls “Microcredit Plus."
Margarita and her fellow Trust Bank members send blessings and gratitude to KIVA lenders throughout the world. They want the lenders to know that the lenders are making a huge difference in their lives. They look forward to a brighter tomorrow as empowered women eliminating poverty!
Previous Loan DetailsThe Trust Bank Chuipachaj (meaning “by the trees” in the Kiche Mayan language) is starting its sixth loan cycle with Friendship Bridge. This group is located in rural Totonicapan, Guatemala. The vast majority of the ten members are weavers. Their average age is 35 years. The Trust Bank is led by… More from Chuipachaj 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!