Sol Naciente Group
Update on Sol Naciente GroupThe "SOL NACIENTE" [Rising Sun] communal bank is made up of 6 entrepreneurs who have a lot of creativity in their businesses. Gladys is 47 years old and has one son. For 7 years she has been selling breakfasts in a small market. Gladys says she has developed a loyal clientele which has given her enough profits to cover the household running costs. In the future she would like to have a place of her own where she can sell her breakfasts and so make better profits.
She will use the loan provided to buy more products such as coffee, sugar, cups, plates, cutlery etc. so she can make progress with her business. At the same time Gladys and all of the group members are grateful to Kiva and EDAPROSPO for the loan provided and for the confidence shown in them.
Gladys is seated in the middle wearing a black jacket. She signs off with the promise that she will meet all of her proposed payments.
Previous Loan DetailsThe “SOL NACIENTE” (Rising Sun) communal bank is composed of 10 enthusiastic, enterprising members who are retailers; they have collaborated with EDAPROSPO-Prosperidad for the past 13 years. Nilda is a group member and also acts as group president. She is 37 years old and a single mother of two... More from Sol Naciente Group's previous loan »
About EDAPROSPOEDAPROSPO seeks to use micro-credit to foster productive commercial activity for the sake of economic and social development within vulnerable urban and rural sectors traditionally neglected by commercial banks. By offering innovative products such as technical education loans and microfinance groups for young people, EDAPROSPO helps disadvantaged Peruvians lift themselves out of poverty.
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