Oscar Bonilla Group
The members of this village bank work in various different independent businesses, such as hairstyling, grocery shops, decorative arts and crafts, and the manufacturing and sale of clothing.
Amanda, a member of Oscar Bonilla Village Bank, is pictured in the first row of the photo, towards the left and wearing green. She is a retired arts teacher, and she currently gives a number of specific artisan courses on distinct techniques, such as Bauer style painting, working with clay, wood working, and macramé (decorative knotting).
Amanda plans to invest the loan in the purchase of an awning, which she can use to cover all of her materials to able to present her work more professionally. Her hope is to also have more space from which she can sell her products. For Amanda, Fondo Esperanza has helped her to support and maintain a better quality of life. The rest of the members of this village bank plan to invest their loan in supplies and merchandise, so they can continue growing their businesses and reaching their 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