The savings group, Women United and Strengthened began in Santa Julia due to the need for a safe way to save money given that there are no banks or savings groups in the municipality.

The women need their own tools, including items such as baskets, sacks, and  seeds, for their work on their land. Their savings enable them to purchase these, as well as other necessities.

The group began on July 26th, 2014, with 26 women who decided on a monthly contribution of 100 córdobas ( $2.71) per person. In the first meeting they collected 2400 córdobas (65.25). Two of the women needed loans. They were loaned $1000 each, with a monthly interest rate of 3.3%, over 6 months. The interest collected on loans is used for organizational and community work.

The group has been a great blessing since they have been able to use it to buy what they need for their products, and the loans help them to invest and grow their micro-businesses.

The loans have grown from their intial 1000 córdobas to loans of 50000 córdobas ($1359.36). It is important to note that these women have been able to initiate their own businesses, fix up their houses, and improve their lives. Five of the women (one of whom is Eloisa Garcia, a community leader) have their own little shops, something which did not exist in the community previously.

Nora Isabel Velásquez is a senior citizen who shares that, beacuase of the group funds, she has been able to sell natural products, going door to door in the community. She says she loves the work.

This group came about through the need to be able to develop economic activity in the community, and now families from other communities are getting involved as the group continues to grow. There is a board of directors, which includes the president, treasurer and secretary.

The group now feels sustainable since through their own funds they have demonstrated that they are capable of managing their group, and thanks to their experience, they have visited other neighbourhoods urging people to save. As a result 6 more groups have formed to put this into practice, and strengthen community development.

“Maintaining a revolving fund for 10 years has not been easy”, says Lola Esquivel, president ot Women United and Strengthened. “Now we can’t manage the money ourselves – we have an accountant who comes every month to keep track, and keep the record year to year. One of our weaknesses is that we don’t have a computer, which would enable us to do that ourselves. I’ve been looking for a secondhand one, so that we could have our statistics readily available”.

As par5 of the commitment, there are 2 kinds of cards, 1 is pink, for a loan, and  1 is blue for a contribution. The meetings take place on the last Sunday of the month, in the morning, to ensure that everyone can attend.

Unfortunately, one of the members of this group died. The savings she had accrued were given to her family.

If the participants are late in a loan repayment they are fined, a symbolic amount: 30 córdobas ($.81). They use the money from fines to buy notebooks, pens, staples, paper and other supplies.

Their work has resulted in greater development in the community.

Doña Lola explaining the formation and development of the savings group to visitors from Venezuela