Caminando Hacia El Progreso 2 & 3 Group
Elva is excited to be taking her 8th loan with Esperanza after having successfully repaid her previous loan and grown her business. She has had her business for 7 years, starting with savings. She plans to use this loan to invest in her business to buy vegetables like plantains, bananas, cassava, yams, sweet potatoes, tomatoes and others. She will use the profits to expand her business; she wishes to have a big food stall.
This Esperanza associate began with us because she needed capital to improve her business, and 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 San Pedro de Macoris, a city famous for baseball players and its sugar cane industry. The main economic activities are its Free Trading Zone, a cement factory, and others. This area, like nearly all impoverished areas of the Dominican Republic suffers from unreliable running water (none of which is potable) and also has unreliable 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