Unidos Para Vencer 3 Group
Yamirkys is excited to be taking her first loan with Esperanza. She has had her business for four months, starting with some savings. She plans to use this loan to invest in her business by buying paints and other stuff to remodel the structure. She will use the profits to buy a bed and invest in the school by saving. Her dreams are to become a professional in education and improve her business until the project is a success.
This Esperanza associate began with us because she needed funds to continue investing in the school so her dreams could come true, She said 'I thought though Esperanza I can achieve and I can be more productive and be a bless to others' and her story is representative of her group and of Esperanza's Haitian and Dominican (many of whom recently emigrated to the DR from Haiti) clients generally. Her group is located in Santiago, an area famous for tobacco and beef production, the second biggest city in the Dominican Republic. This area, like nearly all impoverished areas of the Dominican Republic suffers from unreliable running water (none of which is potable) and 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