Confianza Y Desarrollo 1 & 2 Group
Eligio has been in business for around seven years, starting with a calf he bought and raised. He is excited to be taking his tenth loan with Esperanza after having successfully repaid his previous loans and grown his business. He plans to use this loan to buy another calf. He will use the profits to invest in other animals such as pigs and turkeys to sell for Christmas.
Eligio began his association with Esperanza because "the program came to my community and I was invited to participate." His story is generally representative of those in his group and of Esperanza's Haitian and Dominican clients, many of the latter having recently emigrated to the Dominican Republic from Haiti. His group is located in San Pedro de Macoris, a city famous for its baseball players and the sugar cane industry. The area’s main economic activity involves a free trade zone, a cement factory and others in 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