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Even as the Federal Reserve holds short-term interest rates near zero for the fourth year in a row, there are plenty of places to find decent income in the U.S. stock and bond markets. You just have to know where to look.
We found eight groups with average payouts ranging as high as 6% without the risk that often comes with reaching for yield. They include municipal bonds, with yields between 1% and 3%; utilities and real-estate investment trusts, at 4%; convertible securities, at 3%; high-dividend stocks, at 3% to 4%; master limited partnerships and junk bonds, at 6%, and preferred shares, at 5% to 6%. There are higher-yielding securities in all of these categories, including mortgage REITs and junk bonds that carry 10%-plus rates, but the rewards here may not be worth the risk.
What looks best for 2013? Given the risks in bonds at historically low-yield levels, it may be best to stick with blue-chip stocks, electric utilities, MLPs, and to a lesser extent, REITs.
In the bond market, junk still looks appealing, even as the average yield fell to 6% from about 20% at the start of 2009, when Barron's highlighted the market's appeal in a cover story. Junk may be the best house in a dangerous neighborhood.
Peter Hoey for Barron's
The tax legislation passed last week favors equity sources of income, which will be taxed at a top rate of 20%, plus a 3.8% Medicare surcharge. Most taxpayers, including couples earning less than $250,000, will still pay a top dividend rate of 15%. The top rate for ordinary income rises to 39.6% from 35% for couples earning more than $450,000. That rate also applies to interest income on taxable bonds, as well as distributions from master limited partnerships and REITs. It should be noted that investors can often defer taxes on MLP distributions.
It's hard to make a case for two of the lowest-yielding parts of the bond market -- Treasuries and mortgage securities -- because yields are in the 1% to 3% area, and both sectors could be hit hard if rates rise. Perhaps the best that can be said for Treasuries is that they're one of the few asset classes that are negatively correlated with stocks, meaning they tend to appreciate when stocks fall, and thus offer a hedge against a stock-market downdraft.
BlackRock favors dividend-paying stocks and junk bonds, while warning about the danger in Treasuries. "We believe dividend stocks look attractive," wrote BlackRock chief investment strategist Russ Koesterich last week. "With current payout ratios near historic lows and balance sheets quite strong, companies have ample ability to raise dividend payments to compensate investors for any changes in tax treatment." As for Treasuries, he wrote that interest-rate risk is high, as underscored last week when prices fell 4% as stocks rallied.
Here is an overview of the eight income sectors in order of their appeal.
High-Dividend Stocks
As more companies get serious about dividends, it's possible to put together an increasingly diversified portfolio of stocks yielding 3% to 4%. The obvious appeal of stocks versus bonds is that investors can benefit from rising dividends over time. Many big companies now have dividends that exceed their bond yields.
Blue chips with 3%-plus yields include drug makers Pfizer pfe 0.7331378299120235% Pfizer Inc. U.S.: NYSE USD34.35 0.25 0.7331378299120235% /Date(1464210010547-0500)/ Volume (Delayed 15m) : 20849803 AFTER HOURS USD34.35 % Volume (Delayed 15m) : 186876 P/E Ratio 25.444444444444443 Market Cap 206811345775.072 Dividend Yield 3.493449781659389% Rev. per Employee 520858 More quote details and news » (ticker: PFE), Merck mrk 1.7446043165467626% Merck & Co. Inc. U.S.: NYSE USD56.57 0.97 1.7446043165467626% /Date(1464210022394-0500)/ Volume (Delayed 15m) : 9530032 AFTER HOURS USD56.69 0.119999999999997 0.2121265688527488% Volume (Delayed 15m) : 71361 P/E Ratio 34.70552147239264 Market Cap 153902180346.642 Dividend Yield 3.252607389075482% Rev. per Employee 571779 More quote details and news » (MRK), and Novartis (NVS). In the consumer sector, there's PepsiCo (PEP) and Procter & Gamble pg 0.6298629121896999% Procter & Gamble Co. U.S.: NYSE USD81.48 0.51 0.6298629121896999% /Date(1464210050813-0500)/ Volume (Delayed 15m) : 5974947 AFTER HOURS USD81.48 % Volume (Delayed 15m) : 75670 P/E Ratio 27.584806012593948 Market Cap 215530163801.089 Dividend Yield 3.286696121747668% Rev. per Employee 608973 More quote details and news » (PG). And technology, a former income wasteland, now offers many 3% yielders, such as Microsoft msft 1.0273308780771466% Microsoft Corp. U.S.: Nasdaq USD52.12 0.53 1.0273308780771466% /Date(1464210000261-0500)/ Volume (Delayed 15m) : 23589098 AFTER HOURS USD52.12 % Volume (Delayed 15m) : 615468 P/E Ratio 41.36507936507937 Market Cap 405521483250.193 Dividend Yield 2.762854950115119% Rev. per Employee 732415 More quote details and news » (MSFT), Intel intc 1.0624597553122987% Intel Corp. U.S.: Nasdaq USD31.39 0.33 1.0624597553122987% /Date(1464210000387-0500)/ Volume (Delayed 15m) : 17727152 AFTER HOURS USD31.4 0.00999999999999801 0.03185727938834024% Volume (Delayed 15m) : 696684 P/E Ratio 13.357446808510637 Market Cap 146665317478.18 Dividend Yield 3.3131570563873844% Rev. per Employee 524473 More quote details and news » (INTC), and Seagate Technology stx 2.8735632183908044% Seagate Technology PLC U.S.: Nasdaq USD21.48 0.6 2.8735632183908044% /Date(1464210000237-0500)/ Volume (Delayed 15m) : 6777706 AFTER HOURS USD21.49 0.00999999999999801 0.04655493482309125% Volume (Delayed 15m) : 46584 P/E Ratio 21.058823529411764 Market Cap 6232345853.01788 Dividend Yield 11.731843575418994% Rev. per Employee 218395 More quote details and news » (STX). Energy giants Chevron cvx 1.5770036929833318% Chevron Corp. U.S.: NYSE USD101.77 1.58 1.5770036929833318% /Date(1464210176814-0500)/ Volume (Delayed 15m) : 5341921 AFTER HOURS USD101.87 0.100000000000009 0.09826078412105728% Volume (Delayed 15m) : 90748 P/E Ratio 146.26329405001437 Market Cap 188828300623.052 Dividend Yield 4.205561560381252% Rev. per Employee 1959770 More quote details and news » (CVX), Royal Dutch Shell (RDSA), and ConocoPhillips cop 3.3133916244822825% ConocoPhillips U.S.: NYSE USD44.9 1.44 3.3133916244822825% /Date(1464210106327-0500)/ Volume (Delayed 15m) : 6363849 AFTER HOURS USD44.9 % Volume (Delayed 15m) : 104843 P/E Ratio N/A Market Cap 53820296273.4494 Dividend Yield 2.2271714922048997% Rev. per Employee 1687990 More quote details and news » (COP) all yield more than 3%.
There are dozens of income-oriented mutual funds and exchange-traded funds. Some of the largest ETFs are Vanguard High Dividend Yield vym 0.7885304659498208% Vanguard High Dividend Yield ETF U.S.: NYSE Arca 70.3 0.55 0.7885304659498208% /Date(1464210000008-0500)/ Volume (Delayed 15m) : 698951 AFTER HOURS 70.3 % Volume (Delayed 15m) : 69 P/E Ratio N/A Market Cap N/A Dividend Yield 2.7197724039829305% Rev. per Employee N/A More quote details and news » (VYM), iShares Dow Jones Select Dividend dvy 0.6114711997064938% iShares Select Dividend ETF U.S.: NYSE Arca 82.27 0.5 0.6114711997064938% /Date(1464210000013-0500)/ Volume (Delayed 15m) : 691268 AFTER HOURS 82.27 % Volume (Delayed 15m) : 6 P/E Ratio N/A Market Cap N/A Dividend Yield 3.0638726145618085% Rev. per Employee N/A More quote details and news » (DVY), and SPDR S&P Dividend sdy 0.5306021717670286% SPDR S&P Dividend ETF U.S.: NYSE Arca 81.47 0.43 0.5306021717670286% /Date(1464210000001-0500)/ Volume (Delayed 15m) : 728985 AFTER HOURS 81.47 % Volume (Delayed 15m) : 88 P/E Ratio N/A Market Cap N/A Dividend Yield 2.2554118080274947% Rev. per Employee N/A More quote details and news » (SDY).
Electric utilities were the only loser in 2012 among the major sectors of the S&P 500, with a 2.9% drop -- and a 1% return after dividends. This year could be better because utility dividends look appealing at 4%-plus in much of the industry.
Major utilities trade at an average of 14 times projected 2013 profits, compared with about 13 times for the faster-growing S&P 500. Yet utility earnings are relatively predictable, in the low- to mid-single digits each year.
The three largest electrics (by market value), Duke Energy duk -0.05195479932458761% Duke Energy Corp. U.S.: NYSE USD76.95 -0.04 -0.05195479932458761% /Date(1464210157643-0500)/ Volume (Delayed 15m) : 3583298 AFTER HOURS USD77.05 0.0999999999999943 0.1299545159194282% Volume (Delayed 15m) : 30165 P/E Ratio 20.05107225682049 Market Cap 53038716849.2652 Dividend Yield 4.288499025341131% Rev. per Employee 788543 More quote details and news » (DUK), at $65; Southern Co. so 0.18572018159306644% Southern Co. U.S.: NYSE USD48.55 0.09 0.18572018159306644% /Date(1464210272781-0500)/ Volume (Delayed 15m) : 3790253 AFTER HOURS USD48.6 0.0500000000000043 0.10298661174047374% Volume (Delayed 15m) : 35114 P/E Ratio 18.919024238173176 Market Cap 45482229155.3784 Dividend Yield 4.613800205973224% Rev. per Employee 648204 More quote details and news » (SO), at $44; and Dominion Resources d 0.22605255721955356% Dominion Resources Inc. (Virginia) U.S.: NYSE USD70.94 0.16 0.22605255721955356% /Date(1464210150677-0500)/ Volume (Delayed 15m) : 2044102 AFTER HOURS USD71 0.0600000000000023 0.08457851705666761% Volume (Delayed 15m) : 10980 P/E Ratio 22.30817610062893 Market Cap 43615910531.9604 Dividend Yield 3.946997462644488% Rev. per Employee 740612 More quote details and news » (D), at $53, all yield 4% or more.
The Utilities Select SPDR xlu -0.2896152254861398% Utilities Select Sector SPDR ETF U.S.: NYSE Arca 48.2 -0.14 -0.2896152254861398% /Date(1464210000007-0500)/ Volume (Delayed 15m) : 14267012 AFTER HOURS 48.19 -0.0100000000000051 -0.02074688796680498% Volume (Delayed 15m) : 83583 P/E Ratio N/A Market Cap N/A Dividend Yield 3.0498091286307054% Rev. per Employee N/A More quote details and news » (XLU), which holds the electric utilities within the S&P 500 index, yields 4.1%.
The group started the year strong, as the benchmark Alerian MLP index, which is heavy in energy pipelines, rose 4% over the first two sessions of 2013. More gains could follow after a tough 2012, when the AMZ fell 1% and returned 4.8%, including distributions. Reflecting strong historical returns in the sector, 2012 marked the only year in the past 13 in which MLPs trailed the S&P 500 in total return.
Credit Suisse analyst John Edwards has been bullish, pointing out that the yield on the AMZ index, now 6.5%, looks appealing relative to most other income securities. While weak prices for natural-gas liquids have hurt some MLPs, much of the sector that is involved in domestic energy transportation has experienced little or no impact. Growth in distributions industrywide is expected to average about 7% this year.
The two largest MLPs, Enterprise Products Partners epd 1.7988252569750367% Enterprise Products Partners L.P. U.S.: NYSE USD27.73 0.49 1.7988252569750367% /Date(1464210120805-0500)/ Volume (Delayed 15m) : 3483340 P/E Ratio 22.00793650793651 Market Cap 56700305588.0335 Dividend Yield 5.69780021637216% Rev. per Employee N/A More quote details and news » (EPD), at $52 a share, and Kinder Morgan Energy Partners (KMP), at $84, yield 5% and 6.3%, respectively. Kinder Morgan's twin, Kinder Morgan Management (KMR), trading around $79, is a corporation. It has a similar dividend paid in stock, allowing investors to avoid the tax hassles of K-1 partnership tax forms.
There are many MLP-oriented mutual funds and ETFs, including the Alerian MLP amlp 0.8149959250203749% Alerian MLP ETF U.S.: NYSE Arca USD12.37 0.1 0.8149959250203749% /Date(1464210000015-0500)/ Volume (Delayed 15m) : 8332617 AFTER HOURS USD12.37 % Volume (Delayed 15m) : P/E Ratio N/A Market Cap 3113830000 Dividend Yield 7.760711398544867% Rev. per Employee N/A More quote details and news » (AMLP) and an exchange-traded note, the JPMorgan Alerian MLP AMJ 1.0967098703888336% JPMorgan Alerian MLP ETN U.S.: NYSE Arca 30.42 0.33 1.0967098703888336% /Date(1464210000014-0500)/ Volume (Delayed 15m) : 2248323 P/E Ratio N/A Market Cap N/A Dividend Yield 7.072978303747535% Rev. per Employee N/A More quote details and news » index (AMJ).
Junk Bonds
Wall Street generally expects subdued returns of about 7% this year after another strong year in 2012, when junk returned more than 15%. The challenge is that yields are low, at 6%, and prices are high, averaging about 105% of par value. This limits upside because most issues can be redeemed at par prior to maturity.
While many junk investors are reaching for yield in order to get higher returns, it may be best to play it conservatively and avoid debt-laden companies like Caesars Entertainment czr 0.8559201141226819% Caesars Entertainment Corp. U.S.: Nasdaq USD7.07 0.06 0.8559201141226819% /Date(1464210000313-0500)/ Volume (Delayed 15m) : 401279 AFTER HOURS USD7.0714 0.0013999999999994 0.019801980198019802% Volume (Delayed 15m) : P/E Ratio N/A Market Cap 1021083611.67778 Dividend Yield N/A Rev. per Employee 138455 More quote details and news » (CZR) and Clear Channel Communications (CCMO).
J. Matthew Philo, manager of the Mainstay High-Yield Corporate fund (MHYIX), generally is steering clear of lower-rated credits in favor of better situations. "This is a tale of two markets," he says. "The larger part of the market is very resilient with strong asset coverage and free cash flow."
Thanks to the wide disparity in the individual returns of junk debt, management matters, arguing for open- or closed-end funds rather than ETFs like the SPDR Barclays High Yield Bond jnk 0.2271436683702442% SPDR Barclays High Yield Bond ETF U.S.: NYSE Arca 35.3 0.08 0.2271436683702442% /Date(1464210000015-0500)/ Volume (Delayed 15m) : 7946732 AFTER HOURS 35.3 % Volume (Delayed 15m) : P/E Ratio N/A Market Cap N/A Dividend Yield 6.156985835694051% Rev. per Employee N/A More quote details and news » (JNK) and iShares iBoxx $ High Yield Corporate hyg 0.15539086779823094% iShares iBoxx $ High Yield Corporate Bond ETF U.S.: NYSE Arca 83.79 0.13 0.15539086779823094% /Date(1464210000019-0500)/ Volume (Delayed 15m) : 13924102 AFTER HOURS 83.79 % Volume (Delayed 15m) : P/E Ratio N/A Market Cap N/A Dividend Yield 5.469659863945578% Rev. per Employee N/A More quote details and news » (HYG), which track broad indexes.
Convertible Bonds
Convertibles are an overlooked asset class because of limited issuance of new bonds and complexity, including securities that automatically convert into equity. Less than $25 billion of converts have been issued in each of the past two years because most corporate treasurers can offer low-rate "straight" debt without giving investors an equity kicker.
"There are some good opportunities," says David King, manager of the Columbia Convertible Securities fund (PACIX). He's partial to a Chesapeake Energy 5¾% convertible preferred (CHKVZ), which recently traded at about $900, below its $1,000 face value, for a 6.4% current yield. The Chesapeake convert offers a lower-risk way to play a revival in natural-gas prices than the company's common shares. King also is partial to a 2⅞% convert from biotech company Dendreon (DNDN), recently trading below 75 cents on the dollar and a 13% yield to maturity in 2016. Dendreon developed a novel treatment for advanced prostate cancer that has had disappointing revenues. The company isn't far from cash-flow break-even and could be a takeover target.
There are many open-end and closed-end convertible funds, plus a sizable ETF, the SPDR Barclays Convertible Securities cwb 0.3677315559641462% SPDR Barclays Convertible Securities ETF U.S.: NYSE Arca 43.67 0.16 0.3677315559641462% /Date(1464210000020-0500)/ Volume (Delayed 15m) : 246957 P/E Ratio N/A Market Cap N/A Dividend Yield 1.9400870162583008% Rev. per Employee N/A More quote details and news » (CWB).
After another strong year in which the sector returned 18%, investors may want to tread cautiously because REIT valuations aren't cheap in absolute terms or in relation to the S&P 500 index.
But REITs now trade for about 16 times 2013 funds from operations, a cash-flow measure favored by the industry. That compares with a multiple of 13 for the S&P 500. REITs look even more expensive at about 20 times adjusted funds from operations, a more conservative calculation of cash flow than FFO that subtracts certain recurring expenses like office-leasing costs.
REITs, now yielding an average of 3.6%, still look good relative to Treasuries. Industry fundamentals are favorable amid higher rents and limited new construction, while financing costs are low. "REITs are trading below private-market values, and they remain a haven for people concerned about inflation. Real estate is a hard asset," says Alex Goldfarb, an analyst at Sandler O'Neill.
Goldfarb is partial to Simon Property Group spg -0.7792339219754086% Simon Property Group Inc. U.S.: NYSE USD196.09 -1.54 -0.7792339219754086% /Date(1464210121517-0500)/ Volume (Delayed 15m) : 1515590 AFTER HOURS USD196.09 % Volume (Delayed 15m) : P/E Ratio 35.72417562397522 Market Cap 61150082545.332 Dividend Yield 3.2638074353613136% Rev. per Employee 1075640 More quote details and news » (SPG), the mall operator and the largest REIT by market value, at $50 billion. He says that Simon is one of the best-managed companies in the business, generating more than $1 billion of free cash annually beyond its dividend requirements. Simon, at $158, trades for 19 times projected 2013 FFO. While third-tier malls may be struggling, those owned by Simon and others like Taubman Centers tco 0.6274624252152342% Taubman Centers Inc. U.S.: NYSE USD68.96 0.43 0.6274624252152342% /Date(1464210121336-0500)/ Volume (Delayed 15m) : 469123 AFTER HOURS USD68.96 % Volume (Delayed 15m) : P/E Ratio 40.74686835263531 Market Cap 4135374367.63733 Dividend Yield 3.4512761020881673% Rev. per Employee 911675 More quote details and news » (TCO) are in good shape.
Apartment REITs lagged behind the group last year, and Goldfarb is partial to Post Properties pps -0.09946949602122016% Post Properties Inc. U.S.: NYSE USD60.26 -0.06 -0.09946949602122016% /Date(1464210121345-0500)/ Volume (Delayed 15m) : 198777 AFTER HOURS USD60.26 % Volume (Delayed 15m) : P/E Ratio 42.44259754895056 Market Cap 3226335794.22394 Dividend Yield 3.1198141387321607% Rev. per Employee 623813 More quote details and news » (PPS), which has a good position in the Sunbelt and low financial leverage. He also likes Essex Property Trust ess 1.1230927558280013% Essex Property Trust Inc. U.S.: NYSE USD226 2.51 1.1230927558280013% /Date(1464210025897-0500)/ Volume (Delayed 15m) : 420849 AFTER HOURS USD226 % Volume (Delayed 15m) : P/E Ratio 60.1063829787234 Market Cap 14622951127.6215 Dividend Yield 2.831858407079646% Rev. per Employee 684059 More quote details and news » (ESS), which has about half of its portfolio in Southern California, a region now reviving.
Municipal Bonds
With yields on top-grade munis similar to those on Treasuries, the relative appeal of the $3.7 trillion market is good, but absolute yield levels in the 1%-to-3% range aren't great with inflation running at about 2%.
Munis got a break when the congressional budget deal lifted top tax rates on the highest earners and thus heightened the appeal of tax-free income. To top it off, legislators chose not to tax the muni-bond interest of the highest earners, as some had feared.
That helped produce a rally on Wednesday, as long-term munis gained about 1% even as long-term Treasuries declined 1%. "While we are unlikely to see significant capital appreciation in municipal bonds, their after-tax yields are attractive, and munis remain a solid source of income," wrote BlackRock strategist Koesterich.
The idea of taxing muni-bond interest is dormant but not dead. If enacted, such a tax on munis likely would cut their demand, potentially lifting rates as much as half a percentage point and crunching long-term bonds. Many state and local governments face a large and festering pension problem. Given the risks, muni buyers might want to avoid long-term issues and stick with a fund like the Vanguard Intermediate Term Tax-Exempt fund (VWITX), which has low fees. Many investors favor individual bonds, but the downside is limited liquidity if holders ever need to sell.
Preferred Stock
With banks solidly profitable and the bond market strong, the preferred market has rallied sharply since the financial crisis, dropping yields on most bank issues to less than 6% from double-digit levels during 2009. Barron's has written favorably on preferred several times in the past four years.
Issuance has surged as banks have taken advantage of lower rates to lock in long-term equity financing. Issuance totaled about $33 billion in 2012, including several big retail-oriented deals priced at $25 a share from JPMorgan jpm 1.5184381778741864% JPMorgan Chase & Co. U.S.: NYSE USD65.52 0.98 1.5184381778741864% /Date(1464210005053-0500)/ Volume (Delayed 15m) : 17950694 AFTER HOURS USD65.53 0.0100000000000051 0.015262515262515262% Volume (Delayed 15m) : P/E Ratio 11.123938879456706 Market Cap 236000771047.967 Dividend Yield 2.93040293040293% Rev. per Employee 414999 More quote details and news » (JPM), Wells Fargo wfc 2.6422764227642275% Wells Fargo & Co. U.S.: NYSE USD50.5 1.3 2.6422764227642275% /Date(1464210031414-0500)/ Volume (Delayed 15m) : 21805026 AFTER HOURS USD50.58 0.0799999999999983 0.15841584158415842% Volume (Delayed 15m) : P/E Ratio 12.317073170731707 Market Cap 249790758170.355 Dividend Yield 3.00990099009901% Rev. per Employee 348459 More quote details and news » (WFC), and BB&T bbt 2.3353967360720316% BB&T Corp. U.S.: NYSE USD36.37 0.83 2.3353967360720316% /Date(1464210138313-0500)/ Volume (Delayed 15m) : 5700731 AFTER HOURS USD36.37 % Volume (Delayed 15m) : P/E Ratio 14.151750972762645 Market Cap 28860257309.6161 Dividend Yield 3.079461094308496% Rev. per Employee 281048 More quote details and news » (BBT). While dividends look safe and remain tax advantaged, most preferreds don't look attractive thanks to their interest-rate risk.
The typical $25 retail preferred usually has a bad combination of a perpetual maturity and a five-year redemption feature at the issuer's option. "The risk-reward profile of these securities does not appear attractive; their upside is capped by the call option, but they could sell off significantly in a rising rate environment," wrote Barclays credit analyst Shobhit Gupta in a recent report.
Two exceptions are unusual preferreds from Wells Fargo and Bank of America that yield more than their regular issues and effectively aren't callable unless there is an enormous rise in common-stock prices. The Wells Fargo Series L has a 7.5% dividend rate and a price of $1,225, way above its face value of $1,000. It yields 6.09%, almost a full point above the bank's other preferreds. Bank of America's 7.25% Series L trades at $1,135 and yields 6.34%. Columbia's King notes that if the banks want to redeem them, they likely will have to pay investors a premium above the current price.
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- PeruFoodFunding via Asociación Arariwa
Norma MariaPeruFoodFunding via Asociación Arariwa
San Isidro ...PeruFoodFunding via Asociación Arariwa
Punku Mayor De Maras Group
Update on Punku Mayor De Maras GroupThese members belong to the "Punku Mayor de Maras" communal bank. This bank is located in the Maras district, Urubamba province in the department of Cusco.
One member, Leonor, is 23 years old. She is married and has two children. She works in her own business—a small grocery store. She also works selling trout. She sells basic necessities such as rice, sugar, milk, and oil, working from 8:00 a.m. until 6:00 p.m. At this point, she has been doing this type of work for a year, and it is going really well for her.
Her dream is to expand her grocery store business. She is asking for this loan to buy milk, sugar, oil, and rice. She thanks those who are part of her dream in this way and is committed to making her payments according to the established schedule.
The other group members work in agriculture, grain sales, animal sales, and a grocery store.
La socia es la Sra. Leonor ella es casada y tiene 23 años y tiene 2 hijos; La socia trabaja en su negocio de tienda de abarrotes y también la socia se dedica al negocio de venta de truchas, la socia vende productos de primera necesidad como arroz, azúcar, leche y aceite, la socia trabaja desde las 8:00 a.m hasta las 6:00 p.m, la socia ya tiene 1 año en este negocio y le va muy bien, el sueño de la socia es ampliar el negocio de tienda de abarrotes. La socia solicita el crédito para comprar leche, azúcar, aceite y arroz.
Los otros socios se dedican al negocio de agricultura, negocio de venta de granos, negocio de tienda de abarrotes y negocio de venta de animales.
La socia agradece a quienes forman parte de este sueño mediante este medio y se compromete a cumplir con el pago de sus cuotas en el plazo establecido.
Previous Loan DetailsThe members belong to the community bank Punku Mayor de Maras. This bank is located in the district of Maras which is in the province of Urubamba and the department of Cusco. One member is Dolores, who is married and 67 years old and has 3 children. She works in her business selling vegetables.... More from Punku Mayor De Maras Group's previous loan »
Additional Information
More information about this loan
Important InformationAbout Asociación Arariwa
Asociación Arariwa is a large non-governmental organization that started offering microcredit in 1994 to improve the quality of life, skills and equity of the population in the rural Cusco region of Peru. Arariwa serves the southern Andean provinces of Peru, and is distinguished by its efforts to reach the very poor, who often live in isolated rural areas. Arariwa fosters village banking, supports savings accounts, promotes access to education, and empowers women entrepreneurs (who make up 78% of its borrowers).
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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About Peru
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Success!! The loan was 100% repaid
- Repayment Term
- 8 months (Additional Information)
- Repayment Schedule
- Monthly
- Pre-Disbursed:
- Jul 7, 2014
- Listed
- Aug 12, 2014
- Currency Exchange Loss:
- Possible
- Ended:
- Feb 21, 2015

subset: commoncrawl


text: I am really surprised to see that there are no moves left for me to make on the board. Yesterday night I was playing this game and everything was going quite well, I made a score of above 3000 and still there were 30 seconds left with me to complete the game but the most surprising suddenly during the game play I found that there were no possible moves left for me to make in it. I tried my best to find a way out to break this impossible level. Please help me out, this is not the first time I am encountering such issue, even yesterday morning I saw the same thing. There were no moves left for me to make and precede the game further successfully. Is this a normal behavior of this game? if yes then I must say that its not at all impressive because if this is the case they should have eliminated the system of a timer. There should have been on time limit for any of the level we play in this game. And if its not a normal behavior then please let me know a suitable solution for this thing to get fix. Its really annoying to simply exit the level in-between the game play after going so well and scoring decently. There must be at least someone who has encountered the same thing once.


text:
Junior Hero Blues - Pre-orderJ.K. Pendragon
Last year, Javier Medina was your average socially awkward gay high schooler with a chip on his shoulder. This year, he's . . . well, pretty much the same, but with bonus superpowers, a costume with an ab window to show off his new goods, and a secret identity as the high-flying, wise-cracking superhero Blue Spark.More »
The Silvers - Pre-orderJ.A. Rock
What humans want from the Silver Planet is water. What they find is a race of humanoids who are sentient, but as emotionless and serene as the plants and placid lakes they tend.
B, captain of the mission, doesn't believe that the "Silvers" are intelligent, and lets his crew experiment on them. But then he bonds with Imms, who seems different from the others—interested in learning, intrigued by human feelings. And B realizes that capturing, studying, and killing this planet's natives has done incalculable damage.More »
No Master (Bounty, #3) - Pre-orderChristine d'Abo
No man in the galaxy inspires more fear than Korbin, the Admiral of the Black. His life as leader of the biggest pirate band in space leaves little room for trust, so when Korbin's second-in-command disappears without a trace, he suspects the worst.
Zain Strand has left his life as a sex slave behind and risen within the pirate ranks. But he abandons it all to rescue an old friend from recapture by the slavers—even if that means a suicidal confrontation with his old master. He doesn't expect Korbin's arrival, doesn't want Korbin's help . . . but Korbin gives Zain no choice.More »
No Remedy (Bounty, #2)Christine d'Abo
For months, Mace Simms has been seeking an antidote for the poison killing her mentor. Her only hope is Alec Roiten, a brilliant scientist hiding on a backwater planet. Posing as a research assistant, Mace offers the elusive genius all the help she can, ignoring the explosive chemistry between them. Soon they're close to a cure.More »
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Three months after a brutal battle at Peris, Adam Yuga, Lochlan D'Bideshi, and their rebel fleet are embroiled in a new conflict. But things aren't going well. Even with Lock's homeship, Ashwina, at the head of the fleet, the Protectorate forces are adapting to their tactics. Before long, two devastating blows send the ragtag rebels on the run. But the greatest threat may come from within.More »
Where There's a Will (Panopolis, #3)Cari Z
Being a Hero in Panopolis means living the high life: parties, money, influence, even reality television. And I'm one of the most powerful Heroes in the city. I have plenty of fans, a manager who looks out for me (after himself), and a job that pays the bills. I should be enjoying myself.More »
No Quarter (Bounty, #1)Christine d'Abo
When bounty hunter Gar Stitt is given a simple locate-and-retrieve mission, he's convinced it's a waste of his skills. His success rate is legendary, after all, and Captain Faolan Wolf isn't hard to find. He's the most notorious pirate in the galaxy, and when he shows up planetside to take his pleasures, he's far from subtle.More »
Second SkinAlex Whitehall
When Jay heads to the university's learning center for help with his math class, he doesn't expect his tutor to be tall, dark, and handsome. But Roswell is all that and more, and their instant connection over cult movies, books, and TV shows quickly evolves into dating.
That's when things get tricky.
Roswell might claim he doesn't have issues with Jay being trans, but when he's constantly insisting they "take it slow," Jay's not so sure. He's been hurt before, and he's not going to let it happen again.More »
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Thomas Escott has always wanted to be a toymaker, yet just as he achieves his dream, an accident claims his right hand. He's certain his life is over—until he hears about groundbreaking prosthetics being made by a reclusive inventor.More »
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In the last surviving cities of a ruined world, the concept of "woman" has been forgotten to history. Those unfortunate enough to lack a Y chromosome live as second-class citizens in a world dominated by mascs.
Ember is Y negative. He is scorned, bullied, abused by every masc he encounters, at work and at the gym. Not even his Y negative roommate cuts him any slack. He wants so desperately to be accepted as a masc that he'd rather buy black market testosterone than food. Something's gotta give—he needs a change in his life, but has no idea how to find it.More »


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Jack won't be able to resist you in this sexy Sally costume! This officially licensed Sassy Deluxe Nightmare Before Christmas Sally Costume comes with a polyester dress that Velcros in the back for closure. The patchwork dress features a variety of designs and colors including shimmering black. The short sleeves and bottom have a jagged hemline and a white petticoat slips on under the skirt for more volume. The petticoat has an elastic waistband, as does the back of the dress, and is lined with gray mesh along the bottom which peeks out of the dress. The red, yarn wig is lined with elastic for a snug fit and a pair of light gray glovelettes with shimmering black accents is also included. Let Jack know how much you love him in this sexy Sally costume! It's a great look for any Halloween party that fans of the movie are sure to love!
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