Mujeres Luchadoras 3 & 4 Group
Francia buys and sells new and used clothing. She has been in business for three years, starting with some money she received from previous employment. She is excited to be taking out her second loan with Esperanza after having successfully repaid her prior loan and grown her business. She plans to use this loan to invest further in her business. She will use the profits to increase her sales and to make her business grow. She also wants to save so she can study law, have a store and guide her children into professional lives.
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