Mujeres Adelante Al Progreso 1 & 2 Group
Benuat is excited to be taking his 10th loan with Esperanza after having successfully repaid his previous loan and grown his business. He has had his business for over 6 years, starting up with some savings. He plans to use this loan to invest in his business by buying clothes and perfumes for men and women, cosmetics and some shoes. He will use the profits to invest in his business and to build a house. In his future, he sees himself running a big store.
His group is located in San Pedro de Macoris, a city famous for baseball players and sugar cane industries. The main economic activities are a free trade zone, a cement factory, and others. 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