Hilda's Communal Bank Group
Hilda prepares and sells locally popular food, especially empanadas, café con bolones (coffee served with a dish of green plantains, cheese, and pork), and chocolate con tostadas. She began her business six years ago with a pot to prepare coffee. She now works with her daughter.
Hilda will use this loan to buy an oven to keep her empanadas and tostadas hot for her customers. This is Hilda’s first loan. She believes it will help improve her business. She has been wanting to sell fried potatoes and with her new oven she will be able to add it to her menu. Hilda’s dream is to own and operate her own cafeteria.
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