La Union Lo Vecino 1, 2, & 3 Group
Ramon is an electrician who builds inverters for his community. He has run his own business for the last four years, and hopes to continue expanding in the future. Power outages, humidity, and older electronics mean that his skills as an electrician are needed frequently. With this loan, Ramon hopes to build 20 electronic inverters that he can sell to his customers. This will increase his profit margin and allow him to expand his business.
In the past, Ramon's only loan options charged him huge amounts, as much as 20% per week. These loans were not feasible for him, but now through Esperanza his loans have become extremely helpful. In the future, he hopes to expand his business by hiring an employee and expanding his business to the sales of batteries and other electronics. This is Ramon's second loan through Esperanza, and he hopes that it will not be his last.
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.
About Dominican Republic
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Success!! The loan was 100% repaid