La Garita Group
This is the case of Mr. Abel. He is 44 years old and comes from a very pretty and picturesque town, where the attraction is a large hydroelectric dam that has a capacity of 248.70 million cubic meters. There, one can go fishing, camping, and do other recreational activities. This site is visited above all during the week of Easter vacation when the municipal authorities organize recreational activities for the whole town.
Mr. Abel has been a bricklayer for about 10 years. He says that a friend invited him to do this job since being a laborer did not earn him enough income to support his family. He says he sometimes goes to the capital to work on large construction projects where he can earn a little more. Now he is requesting a loan to purchase tools such as a cutter that he uses to facilitate his work .
He is very enthusiastic because he says this is the first time he has worked with a microfinance bank, which people have spoken very highly of. He hopes that through this loan, he can grow in the work that he enjoys doing.
The other nine members are Carolina, Rosa Linda, María Eugenia, Clara, Liliana, Ma Socorro, Rosa, Nancy, Laura. They are all requesting loans to invest in different businesses such as shoe sales by catalog, bedspread and sheet sales by catalog, cosmetics sales, a sewing workshop, a bakery, a clothing store, and groceries.
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