Fe Y Amor 7 Group
Monette is excited to be taking her second loan with Esperanza after having successfully repaid her previous loan and grown her business. She has had her business for around six years, starting with her savings of $500. She plans to use this loan to invest in her business by buying clothing like dozens of skirts, pants, shirts and shoes for women, men and children. She will use the profits to buy more products. She is dreaming to have more merchandise and improve her business
This Esperanza associate is one of a group formed by Haitian citizens who live in the Bateyes area around Romana's sugarcane field. Her story is representative of her group and of Esperanza's Haitian and Dominican clients, many of whom recently emigrated to the DR from Haiti. Her group is located in the rural areas surrounding La Romana, an area where the economy is dominated by sugarcane 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