Sidney's Communal Bank Group
Sidney’s business is a clothing store and he is seeking this loan to buy more merchandise to stock his store. He began his business by selling perfume and footwear. After six months, he began selling clothing as well. He has been able to hire one person named Jairo who helps Sidney every day.
This is his first time soliciting a loan and he hopes that it will help improve his clothing orders and help him cover the costs of his children’s education. His dream is to see his business grow and be able to compete with the larger clothing stores in San Lorenzo. He also dreams of more education for himself as well as for his children.
About FODEMI, a partner of World Vision InternationalFODEMI is a microenterprise development fund that supports groups of entrepreneurs who lack access to formal financial systems. The organization works with vulnerable populations, especially women, in the marginalized urban and rural sectors of Ecuador. Its clients work in a variety of sectors including agriculture, artisan crafts and the commercial and service sectors. Kiva lenders’ funds are used to expand the organization’s services to the poor living in more rural parts of Ecuador.
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