La Nueva Esperanza De Corcona Group
Felix is the group's treasurer, a post he has carried out with responsibility. Felix is 55 years old, married, and has four children, three of whom are still in school. Felix started as a food street vendor, but little by little his business grew and so he decided to set up a restaurant. He knew that he would make a greater profit by offering breakfast, lunch and dinner as he does now. The family business has allowed him to support his children in their studies and contribute to household expenses.
In the future Felix would like to expand and improve his restaurant; he mentions that it's only made of prefabricated material. With the loan that he has requested, Felix will purchase consumable products like rice, pasta, sugar, and oil, among other things. Felix and the communal bank La Nueva Esperanza de Corcona are very grateful for the loan they've been offered, as it makes progress possible for them.
About EDAPROSPOEDAPROSPO seeks to use micro-credit to foster productive commercial activity for the sake of economic and social development within vulnerable urban and rural sectors traditionally neglected by commercial banks. By offering innovative products such as technical education loans and microfinance groups for young people, EDAPROSPO helps disadvantaged Peruvians lift themselves out of poverty.
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