Las Nazarenas Group
Nelly is 29 years old and lives in Huaycan. She is in a common law marriage and has three children (ages 9, 3, and 2). She has been working with EDAPROSPO for six months and makes furniture from her store called “Mueblería Nelly” (Nelly’s Furniture Store) which she started two years ago. Her father is a carpenter who is elderly, so she has started to take charge of the workshop. She wants to open a furniture stand in the future, an idea she had when she joined the group. Nelly knows that she will have to save more money and request continued assistance from EDAPROSPO to achieve her goals.
About EDAPROSPOEDAPROSPO seeks to use micro-credit to foster productive commercial activity for the sake of economic and social development within vulnerable urban and rural sectors traditionally neglected by commercial banks. By offering innovative products such as technical education loans and microfinance groups for young people, EDAPROSPO helps disadvantaged Peruvians lift themselves out of poverty.
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.
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Success!! The loan was 100% repaid