El Polvorin Group
Update on El Polvorin GroupCatalina a member of the communal bank "El Polvorín." She says that the group adopted this name because it is the name of the neighborhood where the group meets to make their payments. Catalina is 27 years old and single. She is a hardworking woman who struggles each day to provide for her parents, because she is the main source of support for the household. She has had a business selling seasonal produce such as: guava, sugarcane, chilies, tomatoes, green tomatoes, apples, strawberries, oranges, tangerines, and Mexican hawthorns (sour plums) for more than 6 years. She stocks up on her fruits and vegetables from the wholesale center in her town, and she goes to sell them in the local market. One of her dreams is to set up a stable business in her house, so that she could look after her parents. She says that this would make her very happy. Cata, as she is affectionately called, is asking for a loan so that she can continue to invest in her business, and also because during the month of December the sales are high due to the fact that in this season people make a special drink out of fruit, called ponche, which is given out in the Christmas processions and parties. She says that she is very grateful for the access to credit, because with the loans that she has already taken she has gradually been able to make her business grow, and she hopes to very soon make her dreams a reality.
The other 9 members of this group are: Maricela, María Guadalupe, María Victoria, Diana Martina, Rosa María, María Isabel, Adela, Ana Luisa and Ygnacia. They will be investing their loans in the following types of businesses: grocery stores, clothing stores, embroidery businesses, sweet stands, businesses selling shoes through a catalog and fruit and vegetable sales.
Previous Loan DetailsReyna is 30 years old. In the locality where she lives avocadoes grow profusely. She’s married and her husband’s a day laborer. They have a daughter who is in elementary school. Reyna belongs to a credit group called “El Polvorín” (Powder Keg). She comments that they chose that name beca... More from El Polvorin Group's previous loan »
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