Elba is 59 years old. She has seven children and five grandchildren. This is her second loan from Esperanza. She successfully paid back her first loan which was for 5000 pesos (150 USD). She used her first loan to build her Colmado (convenience store) and buy some products to sell, such as cooking oil, sugar, and soft drinks. She is going to use this next loan to buy an additional storage unit for her goods, so she can keep more products and continue expanding her small business.
Elba has been living with her father who is 80, her younger children, and two of her grandchildren since her husband died. Before she got the loan from Esperanza she was selling small items by the side of the road. She eventually wants to use the profits from her Colmado to make repairs on her house. Her son and his wife also have a loan out with Esperanza.
NOTE: This is a group loan; there are four other women in Elba's group. This $1200 loan will fund Elba's business as well as four other businesses in her solidarity group. She and four other women micro-entrepreneurs came to Esperanza and formed their group. They have all gone through Esperanza's business training program and will receive equal shares of the loan to invest in their respective businesses and pay back the loan together. The entire group must pay in full and on time, otherwise group members must make up the deficit before any payment can be made. This creates accountability among the group members because each one shares in the struggles and successes of the other members in their group.
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Success!! The loan was 100% repaid