Fe Y Accion 1 Group
Carmen is excited to be taking her first loan with Esperanza and she has come to Esperanza because she believes the payment terms are generous and will help her business grow. She plans to use this loan to invest in her business running a beauty salon by purchasing a barber's chair. She will use the profits to invest in her dream of adding a cosmetic line to her salon as well as saving for the university education of her children. She thanks you all for your support.
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