Paso A Paso Group
Paola sells women's clothing and accessories. The accessories she offers include purses, belts, handkerchiefs, scarves, necklaces and rings. Paula sells from her home and in the business establishments of some of her clients: a clinic, a municipality, an institute of social preservation, and three hair salons.
With this loan Paola intends to purchase seasonal clothing so her inventory is up-to-date. Paola travels two times a month to purchase merchandise in Santiago (capital of Chile). She dreams of having a boutique, ideally in her house so she can look after her children. She has three daughters, two-year-old twins and a 14-year-old daughter. Paola also works at a supermarket stocking shelves, but she is unable to maintain a fixed schedule for this work as the health of one of her twins requires regular visits to the clinic.
Fondo Esperanza is an important contributor to Paola's business and family, because as an independent business owner she can manage her time in ways that allows her to better accommodate the daily needs of her family. Paula also values the support and encouragement she receives from the loan officer and her fellow group members. The businesses of the other group members include the production and sales of empanadas, fast-food, salads, chocolates, home décor (bed sheets, curtains, table cloths, etc.), sale of coal, underwear, jewellery, clothing, and a blend of crafted accessories.
Talca is in the Maule region, in the central part of the country. The majority of the population lives in the rural area, and is dedicated primarily to activities related to rural production. Talca is also known for its beautiful colonial architecture and artisan goods. The area's main attractions are the flora, the fauna, and the vineyards. Despite the fact that the workforce and production in Talca has increased, according to the recent census, this area is still, unfortunately, one of the poorest in Chile.
About Fondo EsperanzaFondo Esperanza (FE) is a private non-profit organization that supports entrepreneurship by providing micro-credit and training to people living in poverty in well over 100 cities throughout Chile. By providing these services, FE aims to improve the living conditions of the entrepreneurs and their families. In 2010, FE provided loans to more than 41,000 entrepreneurs. It utilizes a communal banking model in which groups of 18 to 25 clients meet on regularly and guarantee each other’s loans. The members use their portion of the loan to create or expand their own businesses. In the group meetings, clients receive training though the FE Entrepreneurship School, which enhances clients’ personal and business skills and ability to work in groups.
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