The Women´s Bank Of Dorcas Group
Maria Ofelia, the elected president of this group, is a 63-year-old mother of 8 who lives by herself in Paso Canoas. Maria has a sewing business. She produces bedding such as sheets, blankets and pillow covers. She sews during the daytime and at night she prepares the projects she plans to work on for the next day.
The community of Paso Canoas is plagued by poverty, partially due to a serious lack of job opportunities. Maria’s goal is to create a better living situation for herself, her fellow group members, as well as strive to provide employment opportunities in the community at large. Her main obstacle has been a lack of access to working capital. This loan will help to address this issue.
The members of The Women’s Bank of Dorcas know each other from living in the same community and from meetings at the local church. Maria says the main benefit of receiving a loan from Fundacion Mujer is the low interest rate that will be charged, as compared to other financial institutions. The name of this group is symbolic of a hardworking woman that the members learned of in the bible.
More information about this loan
In Costa Rica, funding for microfinance institutions is hard to come by, and many institutions find themselves having difficulty growing and reaching all the demand for loans that exist. Kiva works with Fundacion Mujer because it attends a very marginalized population in Costa Rica, with a specific focus on women. In addition to the loan, Fundacion Mujer provides specialized training programs for their borrowers on everything from computer classes to salon training. Because of the difficulty in obtaining capital in Costa Rica, Fundacion Mujer cannot serve all the women that need loans. Therefore Kiva plays a unique role in helping Fundacion Mujer grow its portfolio and reach borrowers it otherwise would not be able to.
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