Nuevo Renacer 2 Y 6 Group
Renata is excited to be taking her third loan from Kiva partner Esperanza after having successfully repaid her previous loan and grown her business. She plans to use this loan to invest in her business which is a beauty salon by purchasing five bags of hair products from different companies, a curling iron, plastic chairs, four gallons of shampoo and rinse, combs, rollers, hair dye and hair relaxer. She will use the profits to save towards building a new home as the one that she currently lives in has problems with leaking water.
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