Betty Lely's Group
Fortunata is 39 years old, and is a single mother of one son. Together with a friend she sells orange juice, which they make. In addition, with her free time she cleans houses and hotels. Fortunata dreams of owning a house, and her own hotel.
Filomena is forty, and is also a single mother. She has two children. Filomena has been selling plastic wares from a stand in Ayacucho for three years. Before that she worked as a domestic servant, but thanks to her savings and loans she received she was able to start her own business.
Meanwhile Betty is thirty-seven. She lives with her partner and four children. Betty sells coca leaves, which are the medicinal plants cocaine can be made from. She buys them in the markets of Ayacucho and travels several hours to the region of Huancavelica to sell them.
Fortunata, Filomena, and Betty each need loans of 400 soles (3 soles = $1), which they will invest in buying oranges, plastic wares, bags, and coca leaves.
They plan to use their savings to build a house, buy land, and to pay for their children’s education. Their dreams are to have their own house, own a hotel, and that their children will be professionals.
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