Hacia Adelante 1, 2 & 3 Group
Glenny is excited to be taking her second loan with Esperanza after having successfully repaid her previous loan and grown her business. She has had her business for almost one year, which she started with her first Esperanza loan. She plans to use this loan to invest in her business by purchasing a big quantity of underwear at wholesale prices.
Her group is located in San Pedro de Macoris, a city famous for baseball players and the sugar cane industry. The main economic activities are a free trade zone and a cement factory. Their community is a tourist area outside San Pedro and Santo Domingo, which makes this community very active. There are a lot of businesses and people working in the street. Also, this town is close to the main airport of the Dominican Republic.
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