Sueños De Emprendedores Group
This village bank’s members principally work in the following sectors: baking food and selling clothing and bazaar items, which they sell out of their homes and from small shops.
Maria Luisa is the president of “Sueños de Emprendedores” and in the photo above, she is pictured in the second row, dressed in a black, sleeveless dress with one of her hands raised. She works at a bakery, where she makes alfajores (a pastry filled with sweetened, condensed milk), cakes, and puff pastries. Depending on the time of the year, Maria Luisa also makes pastel de choclo (corn cake, a common Chilean dish) stuffed with potatoes and humitas (made of corn and similar to Mexican tamales).
Maria Luisa plans to invest this loan in purchasing a flour mill, a blender and a mixer, and she plans to save the rest to put toward an industrial-sized oven. Her dream is to have an established business that provides her with economic stability so that she can dedicate time to herself and her other priorities, such as her children, their studies and her father who is gravely sick.
For Maria Luisa, Kiva's partner Fondo Esperanza has been very important, not only in its financial assistance but in her village bank, because she has had much help from the other members who helped her overcome depression.
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