Luz is 38 years old, she is married and has two children. Luz sells food staples such as flour, rice and oil from her mother's house. When she started with the community bank she only sold a few products, but now her store is well stocked.
Yolanda is also married and has five children. She is 38 years old. Yolanda has been selling vegetables from a stand, which she owns, since she was very young. Furthermore, Yolanda and her husband have a motorcycle taxi that brings in additional income. Previously, Yolanda sold food staples from her mother’s house and is now thinking of re-opening this business.
Herminia is 54 years old. She is a widow and has ten children. Herminia sells typical breads such as chapla, which is similar to pita bread. She sells her bread near the bus station in Ayacucho. Sometimes Herminia rents an oven and makes her bread. Other times she buys bread to re-sell later.
Luz, Yolanda and Herminia need loans of 1200, 1000, and 600 soles (3 soles = $1), which they will invest in buying rice, sugar, beans, milk, bear, soft drinks, spinach, parsley, cilantro, flour, butter, and anis.
As part of the community bank they have learned to be responsible, punctual, to have high self-esteem, and to save. Luz, Yolanda, and Herminia will use their savings to put a roof on their house and pay for anything unexpected. Their dreams are to continue developing their business, open a grocery store in their house, buy a car, and give a good education to their children.
About FINCA PeruThis loan is administered by FINCA Peru, one of Kiva’s Field Partners in Peru. FINCA Peru is dedicated to empowering socially and economically disadvantaged women in Peru, contributing to the development of their families, and building sustainable communities.
In 1990, FINCA Peru began by lending to a small group of women widowed by the Shining Path terrorist movement in Ayacucho. Beyond loans and financial services, FINCA offers business development training, personal and family development training, gender empowerment sessions, life insurance products, and financial and social literacy sessions for the children of borrowers. Visit FINCA Peru’s Kiva Field Partner page to learn more.
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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