Las Cinco Mujeres Group
Update on Las Cinco Mujeres Group
The solidarity group CINCO MUJERES is made up of five enterprising and hard-working women who ask ADIM for the fourth time for a loan for their businesses. It is coordinated by Mireya, a woman who struggles each day to improve her family’s living conditions. She is a married woman and the mother of two children who are her greatest motivation to improve herself. They are 19 and 17 years old. Her business is the sale of spices (cinnamon, pepper, cloves, annatto, etc.). She began this business with her own savings, the loan that she requests is to purchase cinnamon, cloves, and annatto to stock her business even more. With the previous loans, she has been able to get more income. The rest of the members are Petrona, 51 years old, who sells cinnamon, pastries, pepper and cotton, María is 45 years old and has a lot of experience in her business which is selling cinnamon, pepper and cloves, Elsa, 32 years old, is very hard-working and sells fruits (watermelon, melon, papaya, and tomatoes), and Juana who is a hard-working woman, 72 years old, who works making and selling tortillas, curd and pork derivatives such as frito, head, blood sausage, etc.).
Previous Loan Details
The “Las cinco mujeres” communal bank are with ADIM and are asking for funding from the KIVA investors to be able to improve their businesses and develop themselves entrepreneurially. The leader of the group is Mireya, who is 46 years old, married and eager to excel to be able to keep supporting … More from Las Cinco Mujeres Group’s previous loan »
Located in Central America, ADIM is a small microfinance institution with a strong social focus. In the saturated microfinance market of Nicaragua, ADIM stands out for its emphasis on the holistic development of women as well as its provision of responsible financial services. Founded in 1989 by a small group of Nicaraguan women, this institution has remained true to its initial goal of providing its clients (90% of which are women) with an opportunity for economic growth, in addition to personal and professional empowerment. Supporting an ADIM borrower means contributing not only to the continued offering of the socially conscious services it provides, but also to the sustainable growth of a truly unique microfinance institution.
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.