Ecuador Microcredit: The Intern Arrives
Today marks the one week anniversary of my time in Ambato.
The first week has been interesting.
A quick summary: Pastoral Social is the social arm of the Catholic Church here in Ambato, Ecuador. I am working with a division that supports and funds "Bancos Communales." The Bancos are groups of (primarily) women, that borrow funds individually. The group as an entity guarantees repayment. Groups range in size from 25 to 50 partners. Loan repayment terms are usually 6 months. The first loan is about $100 and the size of the loan increases every six months. Every group meets for repayment every four weeks.
I have visited 5 different "Bancos" in my first week and will continue to visit more this week.
In my next post, I will share my initial impressions on how Microcredit works via the Banco Communal system here in Ambato.
The first week has been interesting.
A quick summary: Pastoral Social is the social arm of the Catholic Church here in Ambato, Ecuador. I am working with a division that supports and funds "Bancos Communales." The Bancos are groups of (primarily) women, that borrow funds individually. The group as an entity guarantees repayment. Groups range in size from 25 to 50 partners. Loan repayment terms are usually 6 months. The first loan is about $100 and the size of the loan increases every six months. Every group meets for repayment every four weeks.
I have visited 5 different "Bancos" in my first week and will continue to visit more this week.
In my next post, I will share my initial impressions on how Microcredit works via the Banco Communal system here in Ambato.
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