Les Phares Group
Michel is excited to be taking his 1st loan with Esperanza after having heard about the success of others and the growth of their businesses. He plans to use this loan to invest in his business of footwear sales both in nearby Dajabon, Dominican Republic, and other communities in Northern Haiti. He will use the profits to continue to grow his business and help pay for the education and benefit of his family. In the meantime he plans to continue enjoying the work that he does in his church and community.
This Esperanza associate’s story is representative of his group and of Esperanza's Haitian clients generally. His group is located in Ounaminthe, which is the town on the border of Haiti and the Dominican Republic. This area, like nearly all impoverished areas of Haiti, 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.
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Success!! The loan was 100% repaid