Virgen Purificada Group
Update on Virgen Purificada GroupA group of neighbors and friends created a community bank called “Virgen Purificada” (Purified Virgin) of the district of Cusco in the province of Cusco in the department of Cusco. This community bank is made up of various people that search every moment for the opportunity to get ahead and with their daily efforts create a better future for their children.
Margarita is a member of the community bank. She was born in the city of Cusco and lives in the same city where she was born. She is 50-years-old, she has a civil union from which she has a son. She is a responsible person and friendly that works in the creation and sale of snacks. She has been working for 20 years in this business and she is doing well. Margarita in this opportunity requires a loan to purchase more supplies such as: flour, sweets, jams, delicacies, and other things.
The people that are in the bottom of the picture are the ones that arrived late to the meeting. The other members work in the following businesses: production of sweaters, sale of vegetables, sale of cosmetics, and others offer professional services.
The partners in general are grateful for the opportunity provided and they promise to complete with the payment of different quotas in the established period.
Margarita es miembro del banco comunal, ella nació en la ciudad del Cusco y vive en la misma ciudad donde nació, ella tiene 50 años de edad, tiene una relación de unión libre de la cual tiene un hijo, ella es una persona responsable y amble que se dedica a la elaboración y venta de bocaditos. Ya son 20 años que se dedica a este negocio y le va muy bien. Margarita en esta oportunidad requiere el préstamo para comprar más insumos como por ejemplo harina, dulces, mermeladas, manjar y otras cosas más. (Las personas que aparecen en la parte inferior de la fotografía llegaron tarde a la reunión).
Los demás socios se dedican al negocio de; elaboración de chompas, venta de verduras, venta de cosméticos y otros ofrecen servicios profesionales.
Los socios en general agradecen la oportunidad brindada y se comprometen a cumplir con el pago de sus diferentes cuotas en los plazos establecidos.
Previous Loan DetailsThe members belong to the “Virgen Purificada” communal bank. This bank is located in the district of Cusco, part of the province and department of Cusco. The member in question is Marleny, she is a widow, 44 years old, and has two children. She works in her business selling clothes, making dif... More from Virgen Purificada Group's previous loan »
Important InformationAbout Asociación Arariwa
Asociación Arariwa is a large non-governmental organization that started offering microcredit in 1994 to improve the quality of life, skills and equity of the population in the rural Cusco region of Peru. Arariwa serves the southern Andean provinces of Peru, and is distinguished by its efforts to reach the very poor, who often live in isolated rural areas. Arariwa fosters village banking, supports savings accounts, promotes access to education, and empowers women entrepreneurs (who make up 78% of its borrowers).
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