Luchadoras Por Un Sueño Group
Mónica, the president of this group, is shown in the picture seated second from the left wearing a purple scarf. For just over two years she has sold various perfumes which she orders via telephone from Santiago and has sent to her home. With this loan Mónica will purchase perfumes and another sample kit to demonstrate both her current and new products. She will also start making rosary necklaces of thread and wood since she already knows how to make pretty ropes for necklaces and plant hangers.
Mónica’s dream is to maintain her business and her clientele. For her, the business is very productive, and she greatly enjoys the activity and the money she earns from it. And what Mónica likes most about working with Fondo Esperanza is the unity she feels between herself and the other members of the group.
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