Mujeres Valientes 1 & 2 Group
Maria is excited to be taking her first loan with Esperanza, seven months after she started her business with her extra income. She plans to use this loan to invest in her business by buying rice, flour and other foods. Her business is a colmado (convenience store), a place where you can find all the ingredients you may need for your daily food. Normally these colmados are in the same neighborhood, a short walking distances from any home.
Maria will use the profits to buy a computer and, in the future, build her house with a concrete block structure and arrange for water service. In the meantime she plans to continue enjoying her two favorite things: God and her family.
This Esperanza associate’s story is representative of her group and of Esperanza's Haitian and Dominican clients generally (many of whom recently emigrated to the Dominican Republic from Haiti). Her group is located in the urban slums surrounding Santo Domingo. This area, like nearly all impoverished areas of the Dominican Republic, suffers from unreliable electricity and running water (none of which is potable).
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