Total loan: $4,000
La Corneta Community Bank Group
La Corneta, Matagalpa, Nicaragua / Services
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A loan helped to provide basic financial services and financial inclusion to its community during Covid-19.
La Corneta Community Bank Group's story
La Corneta is a community located in the dry corridor of Nicaragua. The community has 395 members who are mainly dedicated to the cultivation of beans and as temporary workers in the coffee plantation outside the community. The inhabitants of La Corneta are very entrepreneurial. For two years they have run their own community bank as a financial alternative for loans and savings within the community. Until today the bank has performed really well, maintaining a default rate of 0%. Loans have been essential to generate income, improve housing conditions, access other basic services and grow local microenterprises. With this loan, the community bank of La Corneta will provide access to much-needed working capital to its members that plant beans for a living. Also, part of the interest generated by these smaller loans will help the community-owned bank’s growth and contribute to the dividends to be shared annually among the members. In the photo: Felix (founding member and secretary), Martha (founding member president), Adela (founding member treasurer) This community bank receives regular monitoring and training from Global Brigades team, which guarantees transparency, empowerment and financial inclusion for the members of La Corneta.