Unidos Para Vencer 1, 2 Group
Dominica is excited to be taking her second loan with Esperanza after having successfully repaid her previous loan and grown her business. She has had her business for ten years. She was starting to use her savings to buy equipment until she got her first loan. She plans to use this new loan to invest in her business by buying seven packs of hair and cosmetics products. She will use the profits to reinvest in her business and she is dreaming of having her own "ranchito" or little house. She says that her most difficult challenges are to settle her business and get better at managing to do everything she needs to do.
Her story is representative of her group and of Esperanza's Haitian and Dominican clients (many of whom recently emigrated to the DR from Haiti). Her group is located in the urban slums surrounding Santo Domingo. 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