El Buen Futuro 1 Group
Santa is excited to be taking out her 4th loan with Esperanza after having successfully repaid her previous loan and grown her business. She has had her business for over eight years. Four months ago she changed and moved her business. She started with a small butcher shop in the public market of her community.
She plans to use this loan to invest in her butcher shop and food sales (fried pork) by buying different kinds of meats. She will use the profits to repair her house and save for her future. She wants to have a better home structure and live well and quietly with her family.
This Esperanza associate began with us because she wanted to invest in her business and 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