Mujeres De Nuevo Renacer 1 Group
Balbina is excited to be taking her 6th loan with Esperanza after having successfully repaid her previous loan and grown her business. She has had her business for 5 years, starting with a loan she had. She plans to use this loan to invest in her business by buying different beauty and cosmetic products. She will use the profits to buy some medicine for her mother and save because she wants to have a bigger locale for her business. Her goal is to have a bigger salon and a clothing store.
This Esperanza associate began with us because she prefer Esperanza's payments and the unity it creates by having group loans, and her story is representative of her group and of Esperanza's Haitian and Dominican (many of whom recently emigrated to the DR from Haiti) clients generally. Her group is located in Puerto Plata, a port town on the north coast where the economy is based on 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