Carmen is a teacher, and also works every day selling beauty products and lingerie. Thanks to sales of both products, she has been able to generate steady income for her household. She intends to use the recent loan to buy more beauty products, such as skin creams, and lingerie to sell during the Christmas shopping season.
In the future she would like to start a beauty products store and expand her sales to different areas of the city. As with Carmen, each member of the group has their own particular goal, which for them means success, improving their business finances, and financial stability for their families.
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