El Eden 5 Group
Elvira’s business is a colmado, a place where you can find all the ingredients to make your daily meal. Normally these colmados are in the same neighborhood, to be a short walking distance from any home.
Elvira is excited to be taking her 4th loan with Esperanza after having successfully repaid her previous loan and grown her business. She has had her business for four years, starting with some savings. She plans to use this loan to invest in her business by buying more rice, flour, and other foods.
This Esperanza associate began with us because she needed to invest in her business. Her 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).
The rural area surrounding Hato Mayor is an area where the economy is dominated by agriculture. 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.
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Success!! The loan was 100% repaid