Marianela is part of the communal bank “Las Magnolias y los dos Claveles” and resides in the city of Concepción. Marianela sells perishable, non-perishable, vegetables from her house. She attends to customers by herself, although on occasions she asks her 19 year old son to help. She has a total of four children, but only two live with her: a 19 and 11 year old. Marianela has been managing this store for approximately 4 years now.
Marianela plans to use this loan to purchase more merchandise for her business, but also hopes to use part of the funds to make repairs to her home caused by the earthquake (February 27, 2010), when a whole wall and the windows of a hallway fell down.
Marianela goal is to offer a variety of products from her storefront, as she recently received a business license to expand her business. She also wants to include a bakery, for which she would learn this trade. If possible, in the longer term, Marianela would like to hire a helper.
Marianela appreciates the patience showed by Fondo Esperanza loan officer during the weekly group meetings to explain every little thing the members do not understand. Marianela has also enjoyed the entrepreneurial training and is pleased with the low interest rate charged by Fondo Esperanza.
Concepción is the second largest city in Chile, located in the southern region of Bíobío. Concepción is situated at the mouth of the Bíobío River, one of the largest in the country. This is an exceptionally beautiful region. Its attractions come from the combination of rivers, ocean, fertile plains, lowlands and mountains, and beautiful vegetation.
About Fondo Esperanza
Fondo Esperanza (FE) is a private non-profit organization that supports entrepreneurship by providing micro-credit and training to people living in poverty in well over 100 cities throughout Chile. By providing these services, FE aims to improve the living conditions of the entrepreneurs and their families. In 2010, FE provided loans to more than 41,000 entrepreneurs. It utilizes a communal banking model in which groups of 18 to 25 clients meet on regularly and guarantee each other’s loans. The members use their portion of the loan to create or expand their own businesses. In the group meetings, clients receive training though the FE Entrepreneurship School, which enhances clients’ personal and business skills and ability to work in groups.