The two new ASOLS:

ASOL “Las Triunfadoras” (Santa Isabél) and ASOL “Karin” (Santa Crúz de Huachipa)

After receiving an introductory session on what the Microfinance project consists of, the two newly formed groups, “Las Triunfadoras”, consisting of seven women and one young man, and “Karin”, which consists of six women, began with our four–session training course. The classes were very beneficial, both to the individual members of the team to support and guide them with their business ideas, as well as for the strengthening of the group dynamics and the relationship with the loan officer. By the end of the four sessions there had been a clear change in the level of comfort and trust between the group members.

The loan officers of each group then went to visit each person individually to fill in a questionnaire and discuss their business idea and the investment of the loan. Each case was then discussed at the office before the papers were prepared for the disbursements.

The disbursement of ASOL “Karin” took place on 7th June in Santa Crúz. Mrs. Karin Eckert from the Austrian Embassy took this opportunity to visit our project on site. She had the opportunity to meet the women, visit one of their sewing workshops and participate at the disbursement meeting. The group decided to name their ASOL after her, as a thank you for providing the funding required for the project.

The disbursement of ASOL “Las Triunfadoras” was held the following day (8th June) and was celebrated with soft drinks and cake. Group photos were taken and the members stayed longer to chat.

ASOLs “Sagrado Corazon de Jesus” and “Unidos para el Desarrollo”

Our two ASOLs which started in December last year have completed their fifth and sixth repayment meeting (on 11th May and 11th June respectively), and have herewith completed their first lending cycle. Although we have had two women with difficulties repaying the fifth loan, they have all managed to repay the whole amount by the end of the loan period. The repayment rates of the two groups have therefore been 100 % for the first cycle.

Almost all group members have been showing much interest in continuing with the project and were eager to receive the second cycle of the loans, in which they are entitled to a maximum of 800 PEN (around 280 USD) – depending on their repayment capacity.

Sagrado Corazon de Jesus has completed their four training sessions and have had their disbursement on 21st June. They are 11 members – all nine who have participated in the old cycle plus two new members (who have been accepted by all group members, but are, according to SOLAC rules, only entitled to a maximum loan of 400 PEN).

Unidos para el Desarrollo insisted on completing their initial classes before 11th June and therefore had their disbursement on the same day as the last repayment meeting. The ASOL consists of nine people in this second cycle – two members have left and a new participant has joined. The loan portfolio of this group is 4,450 PEN (approx 1,565 USD).