Exito Con Cristo 1, 2 & 3 Group
Martha 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 almost two years, starting with her first Esperanza loan. She plans to use this loan to invest in her business by buying jeans, shirts, shoes, etc. She will use the profits to invest in her business, she will purchase more products to expand her December sales.
This Esperanza association began with us because she needed to start a business and her story is representative of her group and of Esperanza's Haitian (many of whom recently emigrated to the DR from Haiti) and Dominican clients generally. Her group is located in San Pedro D. Macoris, a city famous for baseball players and sugar cane industries. The main economic activities are: the Free trading zone, a cement factory, and others. This area, like nearly all impoverished areas in the Dominican Republic, suffers from unreliable running water (none of which is potable) and electricity.
For this group of 15 we decided to take two pictures instead of one, where faces are visible. They all belong to the same Bank of Hope.
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