Villa El Carmen Group
The loan that they have received will be used to augment their operating capital so that they can continue their businesses and increase their earnings. This translates into a better quality of life for their families, which continues to improve gradually each day. For this reason, they are thankful for the confidence placed in them to continue striving for success.
The members are starting their first loan cycle together as a group, but they already have previous experience working with other solidarity groups. They promise to be responsible and cooperative with one another.
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