Alabanza De Dios Grupo 1, Grupo 2 Group
Charles is excited to be taking his second loan with Esperanza after having successfully repaid his previous loan and grown his business. He will use the profits to improve living conditions for himself and his family. He thanks you all for your support.
Charles is the coordinator of his group" Alabanza de Dios" (Blessing of God, Groups 1, 2) and his story is representative of Esperanza's Haitian and Dominican clients generally, many of whom recently emigrated to the DR from Haiti.
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