Teresa is part of the communal bank “Peulla Brotes Nuevos” and resides within the city of Viña del Mar. Teresa sells used clothing, at customer's houses and in her own home. In addition, she also started selling lingerie a year ago. Teresa is partners with her daughter, a seamstress who makes alterations to clothing items and sells workout clothing in a school. Teresa's other daughter is also an entrepreneur and runs a hair salon and gym. All three of them belong to the communal bank of Kiva partner, Fondo Esperanza, and are progressing in their respective businesses. With the loans they have received, they have been able to purchase machines, products and necessary materials.
With this loan, Teresa will purchase school uniform blazers to sell, and also beans (a food product that is currently low in price but will rise in the months ahead). Teresa dreams of a business that is established in her house.
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.