La Superacion Ii, Grupo 5 Group
Eufrecia is excited to be taK. her third loan with Esperanza after having successfully repaid her previous loan and grown her business. She has had her business for over six years. She starting by buying flowers and maK. small bouquets, then sold them and reinvested.
She plans to use this loan to invest in her business by buying an industrial sewing machine and some fabrics. She will use the profits to buy school supplies for her children.
"School vacation is almost over, and my children will start again soon," she said.
She also wants to buy some medicine, add telephone service and buy a computer. By saving, she is planning to move her business to a more accessible and bigger locale, where she can become sustainable and have employees. For her future, she hopes to build a house and have a car.
This Esperanza associate says she began with us because, "I have a business and interest rate(s) are good. I'm maK. friends and this is really important for me and my business."
Her story is representative of her group and of Esperanza's Haitian and Dominican clients, many of whom recently emigrated to the DR from Haiti. Her group is located in Samana, a lush, rugged peninsula with a nascent tourism industry. 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.
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Success!! The loan was 100% repaid