Mujeres Latinas Group
Magaly sells beauty products from catalogues to her friends and neighbors. She is 34 years old and lives with her two children and husband in Carabayllo, north of Lima. Now that the holiday season has arrived, she wants to increase her inventory to better serve her customers. Magaly is also planning to stock up on panetón (Peruvian fruitcake) to sell to her customers.
In the future, Magaly would like to have her business in a proper shop instead of out of her home, but for now she is content to simply increase her sales.
*** The woman in the red shirt is Mrs. Zoila Rosa S. O., who is a member of the group but is not taking out a loan in this loan cycle.
*** La señora que aparece de blusas a rayas es la Señora Rosa Petronila V. M.
About EDAPROSPOEDAPROSPO seeks to use micro-credit to foster productive commercial activity for the sake of economic and social development within vulnerable urban and rural sectors traditionally neglected by commercial banks. By offering innovative products such as technical education loans and microfinance groups for young people, EDAPROSPO helps disadvantaged Peruvians lift themselves out of poverty.
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