Trabajando Por El Futuro Group
34-year old Zenobia fits into the latter category. She is married, has two children, and is the group’s treasurer. She runs a small grocery store out of her house and plans to use the money to buy more merchandise such as yogurt, juice, soft drinks, and cookies. As well as running the store, she delivers bread in the mornings.
Zenobia and her husband work very hard and as a result have managed to buy a car which they use to provide a local taxi service. Her husband is responsible for paying for the children’s education and food, while Zenobia is responsible for expenses such as electricity, water, telephone etc. She would love to buy a bigger vehicle, and this is one of the couple’s goals.
In the photograph you can see the group members during the time of loan distribution in EDAPROSPERO’s office. Some of their young children are also present. The two members on the extreme right and left have brought their mothers along.
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