The communal bank is made up of 8 entrepreneurs who have gotten together to forge ahead and support each other by motivating and offering advice for their businesses. This group has worked with Fundación León 2000 for loans before and have shown that they are people with good values and with an excellent credit record. These entrepreneurs tell us that the financing has helped them increase their customer base and merchandise and they are happy with the support given them. Martha is part of this group and she has a general store for which she is requesting a loan to buy products for the business. She will buy basic grains, soap, oil, detergent, shampoo, sweets, ballpoint pens, etc.
El Banco Comunal está conformado por 8 emprendedores que se unieron para salir adelante y apoyarse unos a otros motivándose y bridándose consejos para sus negocios. Este grupo ya han trabajo con Fundación León 2000 en crédito lo cual ha demostrado ser unas persona con buenos valores y con record crediticio intachable, estos emprendedores nos expresan que con el financiamiento que se le otorgo aumentaron sus clientes y mercadería y están contentos con el apoyo que se le otorgo. Martha es parte de grupo, la actividad a la que se dedica es a una pulpería lo cual está solicitando financiamiento para la compra de productos para el negocio, se comprara granos básicos, jabón, aceite, detergente, shampoo, golosinas, bolis entre otros productos.
Fundación Leon 2000
This loan is administered by Fundación Leon 2000. Fundación Leon 2000 began operations in 1993 as the first microfinance institution to serve the western part of Nicaragua, a country which continues to be one of the poorest in the western hemisphere. Fundación Leon 2000 works to further the development of micro, small, and medium enterprises through credit services and management, applying the best credit industry practices and technical expertise. Additionally, Fundación Leon manages several business and financial education programs in the community, specifically for young entrepreneurs and at-risk youth. Fundación Leon 2000’s group of experienced and dedicated employees works in 7 offices in Leon, Chinandega, Chichigalpa, Somotillo, Jinotepe, El Sauce, and Nagarote and serves several thousand clients (the majority of whom are women).
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.