La Gula Group
Mónica, the group’s treasurer, is seen in the photo on the right-hand side, wearing a burgundy-colored jacket. Mónica works with her father in the business he has run for 30 years. Mónica is in charge of purchasing the ingredients to prepare sopaipillas (fried pastries), empanadas (stuffed savory pastries) and cakes.
With this loan, Mónica will purchase a fryer, because when they get a lot of orders for sopaipillas and empanadas, it takes a long time to fry them in a normal pan. She will also purchase aluminum plates, oil, and cheese in bulk, along with papaya jam and dough for the sopaipillas and empanadas.
Her dream is to incorporate new products into the business; for example, an ice cream machine as they do not currently have one and it would be a good investment for the summer months to take advantage of the businesses location. In general, she would like to grow the business.
Mónica’s motivation comes from her children. She has one son who is 20 and in his third year of university, studying electrical engineering, and she has a 15-year-old daughter who also wants to continue on to college after finishing high school. Her other daughter, who is 28, sells jewelry and is also part of the Fondo Esperanza communal bank.
Mónica very much enjoys attending the weekly meetings of their bank because it gives her a moment to share with her friends and a distraction from day-to-day activities.
Valparaíso is a city situated 120 kilometers to the northwest of Santiago, on the Chilean coast. It is the regional capital of "Region Five" and is the seat of the Chilean legislative government. Valparaíso is the nation's primary port, and in addition to a bustling economy, it offers a great variety of beautiful and picturesque places, like the home of Nobel Laureate, the poet Pablo Neruda.
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