Pensando En El Futuro 1-3 Group
She has a small nail salon where she does artificial nails, manicures, and pedicures. Sonia is requesting her third loan, which she believes will really increase her income. She wants to reinvest almost all of her profits so that she can turn her small nail salon into a larger beauty salon. She dreams of having her own house and sending her children to college.
This Esperanza associate began with Esperanza as she was learning how to work with artificial nails and how to paint artistic designs on them. She needed capital to start her business. Her story is representative of her group and, generally, of Esperanza's Haitian and Dominican clients (many of whom recently emigrated to the Dominican Republic from Haiti). Her group is located in Samana, a lush rugged peninsula with a growing 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