Santa Lucia Group
Update on Santa Lucia GroupThe Santa Lucia Community Bank has eight members, seven women and one man. They are single mothers or single fathers with ten children to care for. All are known for their hard work and effort to help their children get ahead and give them opportunities in life. The members come from El Sauce in the north part of the country.
María de Jesús is the coordinator of the Santa Lucia Bank. One of her duties is to see that repayment of the loan is made correctly and on time. She earns her living selling cheese curd in the streets and from her home. Her daily routine consists of getting up at 4 am to prepare the curds. The container of curds which she carries into the streets weighs 20 kg. María plans to use her share of the loan to buy more curds and earn more money.
All the group members are grateful for the support and financing that Kiva lenders give to low-income people and to poor countries such as Nicaragua so that they can earn a decent living.
Previous Loan DetailsSanta Lucía Communal Bank is made up of eight members, all women between the ages of 25 and 60. They all live in the town of El Sauce, in the north of Nicaragua. These women are single mothers with children in their care. El Sauce is a very welcoming place of modest people and with a view and ... More from Santa Lucia Group's previous loan »
Fundación Leon 2000This 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).
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