Cristo Y Nuestro Esfuerzo 5, 7 Group
Leonel is excited to be taking his fifth loan with Esperanza, having successfully repaid his previous loans and grown his business. He has had his business for ten years. He plans to use this loan to invest in his business by buying shoes by the dozen in different sizes, colors and for varying types of clients. He will use the profits to invest in his business, while saving part of it to eventually build a house, buy a vehicle and pay for his children's studies.
Leonel's story is representative of his group and of Esperanza's Haitian and Dominican (many of whom recently emigrated to the DR from Haiti) clients generally. His group is located in the rural areas 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 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