Hacia Un Futuro Mejor 1 & 2 Group
Reymundo is excited to be requesting his 4th loan with Esperanza after having successfully repaid his previous loan and grown his business. He has had his business for 8 months, selling miscellaneous products. He plans to use this loan to invest in his business by buying rice, flour and other foods. His business is a colmado, a place where you can find all the ingredients to make your daily food. Normally these colmados are in the neighborhood so that there is only a short walking distance from any home. He will use the profits to proviD. for his home, and to pay for his children's education. One of his dreams is to see them become professional.
This Esperanza associate's story is representative of his group and of Esperanza's Haitian and Dominican clients (many of whom recently emigrated to the DR from Haiti). His group is located in the city of Hato Mayor, one of the country’s most rural cities whose economy depends on agriculture. 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