Flor De Canela Group
Now Rey is seeking a loan from Kiva partner Fundación Realidad to buy more stock and also to buy ice cream cones, glass containers for ice cream, and another cooler as the one he has is very old.
Rey’s needs are many as he has a family to help get ahead in life. He wants to add more rooms to his home which is no longer big enough since several of his children still live at home. He says, “I want to give them a better life and buy more beds so that they don’t all sleep together. Before, my house had no floor but thankfully sales increased so I was able to take out loans and put in a concrete floor. For this reason I am still working with a finance company because it has helped me provide my children with a better quality of life.”
Rey has been married for thirty years to Sra. Amalia. They have six children. The oldest is called Mariana; she is married and has two children. Then there are Armando and Ángeles, aged 24 and 22. They both help Rey with household expenses such as buying gas or firewood, and paying the electricity bills. When they are able, they help pay for the school expenses of Miriam (18) and Liliana (13). His daughter 20-year old Lourdes is a single mother and helps with the household chores.
Rey’s dream is to help his daughters get good jobs so they don’t have to cut short their dreams. His goal is to establish a permanent store in his house so that his wife Amalia and daughter Lourdes can help him sell the products. In the future he wants to buy a freezer for the ice cream and popsicles.
The three other members of his group are Mariana, Virginia, and Benito who are seeking loans to buy fruit and vegetables, and Mexican snacks such as corundas (type of tamal sold in Michoacán).
Los otros 3 integrantes se llaman Mariana, Virginia y Benito ellos quieren los préstamos para invertir en la compra de Frutas y verduras y antojitos mexicanos (corundas).
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