Primera Esperanza 2 & 3 Group
Rosa is excited to be taking out her 11th loan with Esperanza after having successfully repaid her previous loan and grown her business. She has had her business for five years, starting with her first Esperanza loan. She plans to invest this loan in her business by buying perfume, cosmetics, underwear, etc. She will save the profits to pay for her children's transportation (they attend university in another city and they have to travel weekly).
Her story is representative of her group and of Esperanza's Haitian and Dominican clients (many of whom recently emigrated to the DR from Haiti) generally. Her group is located in Hato Mayor, an area famous for agricultural activities and the rural scene. This area, like nearly all impoverished areas of the Dominican Republic, suffers from unreliable electricity and running water (none of which is potable).
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