Las Morenitas Group
Update on Las Morenitas GroupThe new member of the group are Leticia, who is going to use her loan to buy cosmetics and perfume, and Lourdes, who is going to buy cases of soft drinks, and Elena, who is going to buy soft drinks, cookies, eggs, milk, beans, sugar, soap, and shampoo, etc.The rest of the members continue in the activities they have been doing.
Elena is 56 years old. She doesn't know how to read or write and has 11 children, 6 sons and 5 daughters, all of them grown. She has her small grocery store and asked for her loan to buy oil, soap, beans, sugar, eggs, milk, soft drinks, cookies, etc. She started her business 6 years ago, ad learned just by putting all her enthusiasm into the store. Her son gave her the money to buy the merchandise and stock the store. Her business is important because she likes to sell and get ahead. She likes to serve her customers in a friendly way and is proud of her business. It is in her house and she feels independent. She is planning on stocking her business more and she plans on doing this with the loans. Her hopes and dreams are to have a bigger store to give her customers a better service. The members of the group want to tell Kiva and Fundacion Realidad "we thank you for your loans and we hope you will keep helping us with your loans to grow our businesses."
Previous Loan DetailsThis communal bank is called “Las Morenitas.” Its members are: Rocío and Paula who will use their loans to buy sheep, vaccines and vitamins; Juana who will buy soft-drinks by the case; Alma Delia who will buy natural yoghurt, drinking glasses and spoons. The group members want to say to Kiva an... More from Las Morenitas 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