Union Y Progreso Group
In the time they have worked with the group they have demonstrated that they are capable of moving ahead despite any adversity or competition in the market since they know how to work.
The new financing is for the acquisition of merchandise, supplies, and primary materials to continue expanding their businesses in order to give a better quality of life to their families and be able to pursue a better future for their children.
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