El Durazno Group
Florinda, 48, studied until the 4th grade. She is married and has 9 children, 6 of whom are grown and working and 3 who are still in school - 2 in high school and 1 in elementary school. She makes artisan goods on a back strap loom like overcoats, shawls, scarves, bags, robes, carpets and blankets. She asked for this loan to buy wool yarn to stock up on prime materials. She has been part of a group of weavers from Hueyapan for 17 years. From a very young age from her mother and grandmother taught her to use the back strap loom. She goes out to sell her products in the street fairs with tourists and visitors. Her business is important because she likes doing it and it brings in profits. She reinvests part of the profits in materials, and the other part is used to buy cooking utensils and food. She is proud of being indigenous and participating in civic events and being the first to greet the governor on his visit, wearing her traditional clothing.
She is happy about the loan that she will receive, which she will use to buy thread to keep working. Her hopes and dreams are to see her children married and that the youngest who are still in school become professionals. The members of the group want to say to Kiva and Fundacion Realidad: "we thank you for believing in us and we will not let you down, so that you will lend to us again and we can move forward with our businesses."
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