Nueva Union 6 & 7 Group
Josely is planning to have a medical check-up as soon as possible. She will use the profits from her business to buy school supplies and a computer. Her future with Esperanza means more loans to invest in her business, and she wants to work, grow and improve so she can bring in more income for her family.
This Esperanza associate’s story is representative of her group and of Esperanza's Haitian and Dominican clients (many of whom recently emigrated to the DR from Haiti) generally. Her group is located in a rural area in Samana, a city on the north coast of the Island, and 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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