Las Cruces Group
Update on Las Cruces GroupA year ago, the Friendship Bridge Trust Bank "Las Cruces" from Chuanoj, a community in the Department of Totonicapán in Southwest Guatemala, received a loan funded by KIVA investors. This loan was paid off completely and successfully. Now the group is applying for a new loan which they hope the KIVA investors will fund. For this new loan cycle, the group is composed of thirteen women, one of which is new to the group.
As with all the Friendship Bridge Trust Banks, "Las Cruces" has its own Board of Directors. Anastasia is 25 years old and Treasurer of the group. She married at a very young age and has four children. Anastasia has a textile business that she started four years ago and creates beautiful high quality traditional clothing. Specifically, she weaves “cortes” that are tubular skirts generally woven on a foot-powered, treadle loom. The business is progressing quite well and Anastasia now has two employees. She requests a loan to purchase two more foot looms and to buy supplies including thread for her business.
The women of the Trust Bank are very aware of the importance of education. Anastasia is pleased that three of her children are in elementary school, an opportunity that she was not afforded. Anastasia has a chance to gain new knowledge at the monthly meetings of her Trust Bank when a Friendship Bridge Loan Officer conducts educational seminars on relevant subjects like effective business management practices, nutrition, health and hygiene as well as self-esteem and women’s empowerment. Friendship Bridge has called the effective combination of loans and education “Microcredit Plus”.
Friendship Bridge and KIVA form a useful and successful alliance in the lives of the women of the “Las Cruces” Trust Bank. The ladies are very happy and grateful to be able to empower themselves and create better lives for themselves, their families and their community of Chuanoj, Guatemala.
Previous Loan DetailsThe Las Cruces Trust Bank resides in Chuanoj, a community in Totonicapan which is located in southwest Guatemala. Currently the Trust Bank is composed of 12 women, who on average are 32 years old and have about three years of formal education. These women are very responsible, hard-working people... More from Las Cruces 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!