Sueños De Emprendedores Group
The group member for this interview was Elizabeth, who is the group’s treasurer. In the photo she is in the front row, on the left, in a green sweater, holding the hand of one of her associate’s sons. She runs a general store out of her home where she sells fruit, basic household goods, and other items. She runs the business on her own.
Elizabeth will invest this loan in more merchandise (sugar, rice, pasta, detergent, and shampoo), and in firewood and coal, which will be needed in this region in southern Chile for the cold winter. Because these are needed products, this will be a good business. Her dream is to increase the variety of merchandise in her store.
Elizabeth’s greatest motivation is her 13 year-old daughter; she wants to give her everything she needs for her basic and advanced studies so that she can secure a solid economic future for herself.
What Elizabeth has liked best about working with Fondo Esperanza has been the opportunity the organization has given her to move forward, without putting up obstacles to her ability to access credit. Additionally, the good treatment she has received in the entrepreneur training and educational workshops, has made her feel valued and important.
Temuco is the capital of the Araucanía region. It is located 670 kilometers south of Santiago (the capital of Chile) and possesses a series of lake-side spa resorts and striking flora and fauna. This region is also noteworthy for being the region where 50% of Chile’s indigenous Mapuche community live; some of whom are members of Fondo Esperanza communal banks.
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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