La Caridad 3, 4 & 5 Group
Felicia is excited to be taking her fourth loan with Esperanza after having successfully repaid her previous loan and expanded her business. She plans to use this loan to invest in her business where she sells silver jewelry, other accessories and womens shoes. She will use the profits to buy some school supplies, to eat better and expand her business to other communities in other products. In the meantime she plans to continue enjoying cooking for her family and doing her housework. She is excited to have this loan because she wants to invest more, get low interest and save money for the future.
Felicia's story is representative of her group and of Esperanza's Haitian and Dominican clients generally, many of whom recently emigrated to the DR from Haiti. Her group is located in in San Pedro de Macoris, a city famous for baseball players and sugar cane industries, the main economic activity is a free trading zone, a cement factory, and others. This area, like nearly all impoverished areas of the Dominican Republic suffers from unreliable running water (none of which is potable) and unreliable electricity.
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.
About Dominican Republic
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Success!! The loan was 100% repaid