The group members all work in the city of Cusco and are involved with a variety of different businesses. Luis H. is an electrical technician and works independently servicing hotels, private homes and Internet cafes. He plans to use his loan of 800 soles to buy an oscilloscope, which costs 1,100 soles. (He will add 300 soles of his savings to his loan money).
Catherine Eulalia C., the group’s president, works as a cashier at a local money exchange. She also runs her own ice-cream shop as a side business and plans to use her loan of 700 soles to purchase cones and different flavors of ice cream.
Rosa runs a café called “Cuántica Mun,” where she sells salchipapas (French fries served with hot dog slices), milanesas (breaded chicken patties) and other snacks. She has had her restaurant for almost two years now. She plans to use her loan of 800 soles to help her open up a laundrymat in San Blas, an artisans’ neighborhood very popular with tourists.
Flor de Maria P. also has her own bar/restaurant in central Cusco, where she serves international food as well as local dishes like lomo saltado (beef sautéed with French fries and vegetables and served on rice), stews and steaks. She plans to use her loan of 800 soles to buy beer for the restaurant and to expand the kitchen.
Several other group members sell cell-phone calls. They plan to use their loans to add more calling credit to their phones.
The group has pledged to work together and repay its Kiva loan on time and in full.
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).
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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Success!! The loan was 100% repaid