The loans that they have been able to take out from the community bank have helped each associate develop their business. The associates have a variety of businesses. People sell products and services including groceries, cosmetics, animals, food, carpentry services, clothing, fruits, and taxi driving.
Each associate has a story they can tell. For example, Yovana raises and slaughters cattle. With her loan from the community bank she has been able to purchase more young cattle and later receive more profits.
Another example is Felicitas, who sells clothing at various markets in the region. When she started she was only able to sell a few items, but with an increase in capital she is able to offer a much larger selection.
Different associates need different loans, most are for 300, 600, 900 soles (3 soles = $1) making a total of 9,300 soles. They will invest their loans in buying fabric, buttons, beer, rice, oil, a variety of clothing, wood, and fruit.
The community bank emphasizes the importance of saving and each member has an interest earning savings account. The members of “Diamantes” plan to use their savings to improve their houses and pay for their children’s education. Their dreams are to own a tailor shop, that their children will be professionals, and that they can open a business in their homes.
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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Success!! The loan was 100% repaid