David 3, 4 & 5 Group
Santiago is excited to be taking his third loan with Kiva partner, Esperanza, after having successfully repaid his previous loan and grown his business. He has a mobile/walking business making miscellaneous sales. He has had this business for four years, starting with a loan he got from a lender in his community. Santiago plans to use this new loan to invest in his business by buying underwear, pants, shirts, skirts and personal use products. He will use the profits to invest in his business and save as he is planning to buy some land where he can build a house.
This Esperanza associate began with us because he liked the facilities and the rate, which was lower than others. His story is representative of his group and of Esperanza's Haitian and Dominican clients generally (many of whom recently emigrated to the Dominican Republic from Haiti). His group is located in the rural areas surrounding La Romana, an area where the economy is dominated by sugar cane and upscale tourism. 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