Esperanza Asegurada 1 Group
Berta is excited to be taking her fifth loan with Esperanza after having successfully repaid her previous loan and grown her business. She has had her business for two years, starting with selling girls underwear after she received her first loan with Esperanza. She plans to use this loan to invest in her business by buying clothing like shirts, pants, underwear and mens t-shirts. She will use the profits to buy a better stove for her home and also to save to reach her dream come true, in which she has her own home built with a good structure.
This Esperanza associate began with us because she has more facilities and, with them, she can maintain her business. Her story is representative of her group and of Esperanza's Haitian and Dominican clients in general (many of whom recently emigrated to the DR from Haiti). Her group is located in San Pedro de Macoris, a city famous for baseball players and the sugar cane industry. The main economic activities are free trade and a cement factory. 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