Unidas Para Triunfar 3 Group
Benito is excited to be taking his first loan with Esperanza. He has had his business for 2 years, starting with some capital he saved. He plans to use this loan to invest in his business by buying salami, cheese, hot dog sausages, etc. He will use the profits to invest in his business and to buy items they need in at home.
Benito's association with Esperanza began because he wants to improve his business. His story is representative of his group and of Esperanza's Dominican and Haitian clients generally, many of whom recently emigrated to the DR from Haiti. His group is located in Santiago, the second biggest city in the Dominican Republic. This area is famous for its tobacco and beef production, but like nearly all impoverished areas of the Dominican Republic, it suffers from unreliable running water (none of which is potable) and 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