Primero De Mayo Group
In one of the main centers of Pro Mujer, called Villa Tejada, you will find a communal organization called Primero de Mayo. The group consists of 13 members, each of whom runs a business with guidance from an advisor. Hilda C., the president of the group, explained that the group came together recently to apply for the loan to invest in their respective businesses. The members work selling fuel, doing auto repairs, selling shoes, clothing, as well as fruits and vegetables. Each member needs a portion of the loan to invest in merchandise and supplies to offer to their customers.
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