Unidos Venceremos 3 & 4 Group
Louise is excited to be taking her fifth loan with Esperanza after having successfully repaid her previous loan and grown her business. She has had her business for more than 25 years, starting with some savings. She plans to use this loan to invest in her business by buying dozens of pants, shirts, skirts, t-shirts and other items. She will use the profits to buy building materials for her house, while she dreams to improve her business and to live safely.
This Esperanza associate began with us because of the opportunity to have loans, even though they are foreigners. Her story is representative of her group and of Esperanza's Haitian and Dominican clients generally, many of whom recently emigrated to the DR from Haiti. Her group is located in the rural areas surrounding La Romana, where the sugarcane harvest and tourist industry dominates the economy. This area, like nearly all impoverished areas of the Dominican Republic, suffers from unreliable electricity and running water, none of which is potable.
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