La Alternativa 4 & 5 Group
Alina is just one member of the 10 person group, La Alternativa 4 & 5. Together, these Dominican entrepreneurs are able unite in solidarity, allowing them access to funding that they would otherwise never be able to receive on their own. Alina decided to make business with Esperanza because she needed to bring extra income to her house. Alina started her business with her first loan from Esperanza.
This Esperanza associate began with us around 5 years ago, and this is her 11th loan. All previous loans have been paid and invested in her business. Her story is representative of this 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 Samana, a lush rugged peninsula with a nascent tourism industry. 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