Cristo La Fuente 1, 2, 3 Group
Graciela is excited to be taking her fourth loan with Esperanza. She has had her business for 7 years, which was started with a loan from a family living here before her in the Dominican Republic. She plans to use this loan to invest in her business by buying shoes, clothes and cosmetics products to sell. She will save the profits, because through this business she wants to make her dreams come true – to have her own house and to move back to Haiti.
Graciela's association with Esperanza began because she wants to improve her business and learn more about how to run a business. Her story is representative of her group and of Esperanza's Haitian and Dominican clients generally, many of whom recently emigrated to the DR from Haiti. Her group is located in the rural area surrounding La Romana, where the sugarcane harvest and tourist industry dominate the economy. This area, like nearly all impoverished areas of the Dominican Republic, suffers from unreliable running water (none of which is potable) and irregular electricity.
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