Cristo Redentor 5 Group
Ramona is excited to be taking her fifth loan with Esperanza after having successfully repaid her previous loans and grown her business. She has had her business for four years, which started as a stand offering candies and snacks. Now, she operates a 'colmado,' a place where you can find all the ingredients to make your daily food. Normally, colmados are in the same neighborhood within a short walk from any home.
She plans to use this loan to buy rice, flour and other foods. She will use the profits to invest in her business and to save.
This Esperanza associate began borrowing because she needed capital for her business. 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 San Pedro de Macoris, a city famous for baseball players and the sugar cane industry. The main economic activities are a free trading zone and a cement factory. This area, like nearly all impoverished areas in 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