El Milagro 6 Group
Valentinia is excited to be taking her 12th loan with Esperanza after having successfully repaid her previous loan and grown her business. She has had her business for six years, starting when she received her first loan in Esperanza. She plans to use this loan to invest in her business, where she has a little grocery stand and takes it to the local public school to sell snacks, candies and other groceries. She also sell shoes and clothing. She will use the profits to invest and save. She wants to run her business from home or her own location, because she doesn't want in the future to be moving.
This Esperanza associate began with us because she was needing motivation to start a business, which she received in her group and with Esperanza. 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 the rural areas surrounding Hato Mayor, an area where the economy is dominated by agriculture. 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