Cristo Redentor 1 & 2 Group
Francisca has run a beauty salon business for over six years, starting with two blowers and curling irons that she bought with some savings. Francisca is excited to be taking out her seventh loan with Esperanza after having successfully repaid her previous loans and grown her business. She plans to use this loan to invest in her venture by buying more beauty products, a blower and some hair brushes. She will save her profits because she wants to build her house. Living in her own house is her dream.
This associate began working with Esperanza because she needed to improve her business. Her story is representative of her group and of Esperanza's Haitian and Dominican clients, many of whom recently emigrated to the Dominican Republic from Haiti. Her group is located in San Pedro de Macoris, a city famous for its baseball players and sugar cane industry. The town’s main economic activity revolves around a free trade zone, a cement factory, and other businesses. 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