Rosa is the coordinator of her group Prosperidad y Esperanza 1 & 3, (prosperity and hope). She lives in a simple structure with her three children. Rosa is a single mother, dedicated to working hard and providing for her family. She said her most difficult challenge is to help her children to go forward with a good education and a safe living.
Rosa is excited about her 4th loan with Esperanza. She has had her business for approximately seven years, starting with her own resources. She plans to use this loan to invest in her business by increasing her inventory of beauty products, cosmetics, a blow dryer and other equipment. With this loan, she will be able to expand her business. She will use the profits to save, because she wants to make her dream come true: To have a store and a bigger beauty salon and spa.
Rosa's group is located in Santiago, an area known for tobacco and beef production. Santiago is the second biggest city in the Dominican Republic. The group members are dedicated to selling cloth, food, shoes and jewelry. Rosa thanks all of you for your support.
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.