Fe Y Amor 5 Group
Claudio is excited to be taking his first loan with Esperanza. He is starting his business with this loan and he is planning to use it to invest in sport shoes, for men and women. He will use the profits to invest in his business, which he wants to see improve in a short time.
This Esperanza associate began with us, because the facilities in Esperanza are better than other places where he can get a loan and his story is representative of his group and of Esperanza's Haitian and Dominican (many of whom recently emigrated to the DR from Haiti) clients generally. His group is located in the rural area surrounding Santiago, an area famous for tobacco and beef production, the second biggest city in the Dominican Republic. This area, like nearly all impoverished areas of the Dominican Republic suffers from unreliable running water (none of which is potable) and electricity shortages.
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