Hacia Adelante 1, 2, & 3 Group
Maria is excited to be taking her third loan with Esperanza after having successfully repaid her previous loan and grown her business. She has had her business for five years, which she started with her own capital after saving for a while. She plans to use this loan to invest in her business by purchasing some hardware, repairing some computers, and adding an scanner. She will use the profits to expand her business by adding telecommunications products. She says that her most difficult challenges are to improve her business and to help her family. In the meantime, she plans to continue enjoying to cook for her family.
This Esperanza associate began with us because she heard it was a good program where she could get a loan to expand her business, and her story is generally representative of her group and of Esperanza's Haitian clients and Dominican clients (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 the sugar cane industry; the main economic activities are a free trade zone and a cement factory. 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