Amor Y Amistad 3 & 4 Group
Tania is excited to be taking her 11th loan with Esperanza after having successfully repaid her previous loans and grown her business. She has had her business for 5 years, starting with buying beauty products, selling them and doing beauty services when visiting her clients' homes. She plans to use this loan to invest in her business by buying a seat to use while brushing her clients' hair, chairs and some beauty products. She will also add a telephone service. She will use the profits to buy some items her family needs, like clothes and school supplies, and also plans to save. She wants to have her own home, move her business to another location in a busier street, such as a shopping district, and would like to buy a car.
This Esperanza associate began with us because she is interested and motivated to work in business. 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 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.
About Dominican Republic
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Success!! The loan was 100% repaid