Solidario Flores De Sumpango Group
This group is made up of three ladies whose businesses are farming and weaving.
María is the leader of this group and she tells us that she is happy because her business is prospering. She and her fellow group members are in the same business. The ladies need more capital to work. For this reason, they are requesting a loan to buy raw materials for weaving their products.
About FAPEFAPE, the Foundation for the Assistance of Small Businesses, is a nonprofit, socially-minded institution that provides loans to micro-entrepreneurs across Guatemala.
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