Nuevo Progreso De Andahuaylillas Group
Update on Nuevo Progreso De Andahuaylillas GroupThese members belong to the “NUEVO PROGRESO DE ANDAHUAYLILLAS” communal bank which is located in Cusco District in the Province and Department of the same name.
Norma is one of the members. She is 42 years old single and has 3 children. She works in her business which is a grocery store. She sells basic food items like rice, sugar, milk and oil. She works from 8 am until 10 pm. The member has 5 years of running this business and things are going well for her. Her dream is to expand her grocery store. Norma is requesting a loan to buy milk, sugar, oil and rice.
The members who have had their photo attached to the group photo had their photos taken later as they couldn't attend the meeting due to their work. The other members work in businesses like selling handicrafts, selling animals, a grocery store and a restaurant. Norma thanks those who form part of this dream through this loan and promises to pay her installments within the establish time.
Previous Loan DetailsThe members of our group, Nuevo Progreso de Andahuaylillas, are part of the Asociación Arariwa. This communal bank consists of 16 members from Andahuaylillas, a small town above the left bank of the Vilcanota River that is surrounded by mountains. One member of the group, Luz Marina, is 39 yea... More from Nuevo Progreso De Andahuaylillas Group's previous loan »
More information about this loan
Important InformationAbout 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).
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