Elizabeth is part of the communal bank “Peulla Brotes Nuevos,” and resides in the city of Viña del Mar. She runs a small sewing and clothing shop at her house. Elizabeth also sews for a boutique, but this is not a steady employment contract. Elizabeth receives help from her husband in the business; he also has a second job working in construction. Her husband takes care of all the ironing and sometimes does some sewing tasks as well.
With this loan Elizabeth intends to rent a local studio in a more visible location, which will also offer more space. She dreams of expanding her business to sell clothing items and decorative items that she produces. Elizabeth’s motivation is to give higher education to her four sons: aged 20, 18, 17 and 16. Elizabeth's oldest daughter (aged 20) studies pedagogy and is also a well versed seamstress, so Elizabeth also plans to lean on her skills as her business grows more.
For Elizabeth, working with Kiva partner Fondo Esperanza has been helpful as it has motivated her to think about the future of her business and through that advance forward to the next step. She is also happy with the interest rates and the weekly payment schedule, as this gets her out of debt quicker.
Viña del Mar is a city and community located in the central coastal region of Chile, known as the "Garden City" because of its beautiful parks and gardens. The city is in the Valparaíso region, known for its temperate climate. This region is known as the tourist capital of Chile.
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.