29 De Enero Group
Sra. Fátima is married and has three school-age children. The oldest is in high school, while the other two are in elementary school. Sra. Fátima manages a small neighborhood grocery store located inside of her home. She sells products such as oil, sodas, and canned goods and hopes to expand her business by adding more products. For this reason she is requesting a loan. In the future, she hopes to enlarge her house and make a few repairs. She also wants to provide her children with a good future by paying for a good education and having a comfortable home where they can develop in all of their activities.
The other members of this Communal Bank have businesses involving cosmetics, food, groceries, fine jewelry, beauty salons, motorcycle taxis, and housekeeping services. Competition is high in the commercial sector, but the members know what it takes to succeed in their businesses by turning over their merchandise or establishing their businesses at the regional markets or neighborhood fairs where they can obtain the most loyal customers who are in need of their products. This loan will be used to expand their businesses by purchasing merchandise, equipment, and supplies. They will also provide more comfortable conditions for their customers. Most of the members are new to the group, but they have plenty of experience working with solidarity group loans at other institutions. They are satisfied with the objectives they have to achieve with Fundación Agrocapital and so far have demonstrated teamwork in each of their previous meetings.
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