Fe En Dios 2 & 3 Group
Felicia is excited to be taking her third loan with Esperanza after having repaid her previous loans and grown her business. She has had her personal products business for a year, having started it with her first Esperanza's loan. She plans to use this loan to buy more personal use products such as cosmetics, body cream, powder, soaps and an exhibitor to demonstrate her wares. She will use the additional profits from the loan to buy some things for her home as well as invest in the purchase of some jewelry. She wants to buy a car and have a successful business.
This Esperanza associate began with us because she sought a loan to start a business to earn income to improve her family's standard of living. Felicia's story is representative of her group and of Esperanza's Haitian and Dominican (many of whom recently emigrated to the DR from Haiti) clients generally. Her group is located in Samana, a lush rugged peninsula with a nascent tourism industry. 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