La Nueva Esperanza 5 & 6 Group
Yolanda is excited to be taking out her 6th loan with Esperanza after having successfully repaid her previous loans and grown her business. She has had her business for over four years, starting with cooking lunch for some people, after which she felt the need to do an activity that generated income.
She plans to use this loan to invest in her business by buying meats, rice, beans and seasonings, which she uses to cook lunch and dinner in her little Comedor. A comedor is a small restaurant located in a non-commercial area, like in the same neighborhood, where people come for a homemade lunch or dinner for a cheaper price than in restaurants or a cafeteria. She will use the profits to invest in her business by buying things it needs and to save to start building her house in the near future.
This Esperanza associate began with us because she wanted a loan to do business. Her story is representative of her group and of Esperanza's Haitian and Dominican clients generally (many of whom recently emigrated to the DR from Haiti). Her group is located in the rural area surrounding Hato Mayor, an agricultural area. This area, like nearly all impoverished areas of the Dominican Republic, suffers from unreliable electricity and running water (none of which is potable).
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.
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Success!! The loan was 100% repaid