Maria Elena Moyano Group
This is the case with José U., age 48, who is married and has three children. Jose works every day to provide catering services for weddings, family reunions, and so on. He started in this line of work because his son was studying Peruvian cooking, and this provided an opportunity to start a family business.
With time, Jose was able to grow and develop his business, purchasing new and varied kitchenware and furnishing for the buffet services he provides. In the future, he would like to keep growing the business and expand into new areas. Jose will use the current loan to purchase ingredients for the preparation of dishes and desserts.
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