Los Esforzados De Nueva Imperial Group
“Los Esforzados de Nueva Imperial” is comprised of 22 persevering members. The main activities of its members are the manufacturing and sale of various products, such as fabric, clothing, earrings, necklaces, wooden utensils, cooked food such as empanadas (folded and stuffed pastries), ice, and ice cream. There are also members who sell medicinal herbs and a member who runs a service center of telephone booths.
This village bank’s president is Pedro, who is pictured above in the center of the photo wearing a white shirt. He is an artisan who works with wood, making a range of items including kitchen utensils, earrings, brooches, yokes, and wagons. He sells these items in a shopping mall and various local markets with permission from the municipal government, similar to the other members of the village bank. With the loan, Pedro would like to purchase an electric saw to help him grow his production. His hope is to remodel his 59-year-old home where he lives with his mother, and his dream is to one day export his products to grow his sales.
For Pedro, Fondo Esperanza has meant great economic help for his business, because thanks to prior loans, he was able to purchase a copy machine and a key copier, which allowed him to offer more services and secure more economic stability. The rest of the members of “Los Esforzados de Nueva Imperial” also plan to invest their loans in machines and merchandise so that they can continue growing and reaching their personal goals.
About Fondo EsperanzaFondo Esperanza (FE) is a private non-profit organization that supports entrepreneurship by providing micro-credit and training to people living in poverty in well over 100 cities throughout Chile. By providing these services, FE aims to improve the living conditions of the entrepreneurs and their families. In 2010, FE provided loans to more than 41,000 entrepreneurs. It utilizes a communal banking model in which groups of 18 to 25 clients meet on regularly and guarantee each other’s loans. The members use their portion of the loan to create or expand their own businesses. In the group meetings, clients receive training though the FE Entrepreneurship School, which enhances clients’ personal and business skills and ability to work in groups.
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