Nueva Vida Group
The group member interviewed was Macarena, who is the group’s president. In the photo Macarena is in the last row, to the right, with a baby (the daughter of another group member) in her arms.
Macarena and Ingrid, another of the group members who she taught to make chocolates, make and sell the chocolates together. They sell in various restaurants and kiosks, and in schools.
Macarena will invest this loan in materials and ingredients to make the chocolates, and in silver jewelry to expand her business.
Her dream is to have an internet café in her house or in Ingrid’s, for which they are applying for a “capital semilla” (seed capital) from a government program.
Macarena’s greatest motivation is her 5-year-old daughter – to assure a good economic future for her through her studies and everything she will need.
What Macarena likes most about Fondo Esperanza are the good moments she lives with her group and their loan officer during the group meetings, when they do their entrepreneur-training workshops and share their experiences.
Temuco is the capital of the Araucanía region. It is located 670 kilometres south of Santiago (the capital of Chile) and possesses a series of lake-side spa resorts and striking native flora and fauna. This region is also noteworthy for being the region where 50% of Chile's existing 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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Success!! The loan was 100% repaid