Peniel 5, 6 Group

Thank you for your loan. It has been disbursed to Peniel 5, 6 Group, consisting of Flavia de Peña, Hilaria Lantigua Alcanta, Sonia Francisco Azor, Milady Potter, Carmen Guerrero De Jesu, Ferolina Jackson de Peña, Dyneydy Shephard Azor, Martha Miller, Andrea Vilorio vda.mota, Cecilia Mendez Melendez by Esperanza International Dominican Republic, a partner of HOPE International in Dominican Republic. We are excited to watch this business grow. Over the 5 months of this loan, Esperanza International Dominican Republic, a partner of HOPE International will be collecting repayments from this entrepreneur and posting progress updates on the Kiva website.

A few months ago, you made a loan to the group of borrowers “Peniel”. Today, the group had one of its bimonthly repayment meetings.

Flavia the group coordinator could not attend the meeting so she had previously left her installment to another member of her group.

Milady, is another member of the group and took a 7000 pesos loan (about 200$) for her clothing business. She has been able to buy merchandise in several markets and stores in the city of Santiago and in cities near by the frontier with Haiti. Milady says she is always trying to find the best products with the better prices. Her business is doing well and she hasn’t had any problem paying her bimonthly installments. Milady has two daughters, one of whom is now leaving in Germany. Her elder daughter was the one who started the business and then passed it on to her mother before she moved to Germany.

Peniel communal bank is compound of 7 groups of 5 borrowers, some of which are about to complete their loan repayment and request a new one. For this reason, the branch office manager came along with the loan officer (and the Kiva Fellow) to remind them that groups need to pay their installment together and find solutions within the group when one member is missing a repayment. (This rule is part of the loan agreements and is a mainstay of microcredit). He also says that he has been assessing and approving the new loan requests but that the amount from one loan to another can not raise more than a 30%. Take a look at the attached video to watch a part of the meeting!

If you want to keep supporting groups like Peniel, please consider making another loan to an entrepreneur of Esperanza: http://partners.kiva.org/app.php?page=businesses&partner_id=44&status=fundRaising&sortBy=New+to+Old

You can also check out and join Esperanza’s lending team : http://partners.kiva.org/team/team_esperanza_dr_and_hati