The trust that is between them not only comes about through the time they have been a communal bank, but also because they are neighbors and live in the same area.
They would be happy to comment about each one of the members but they would lack the words. And so we will mention Rodolfo, a member who is 61 years old, who has a wife and three children.
He works in the transport service which has given him many economic benefits for more than ten years, and he is able to save money in order to pay household expenses and repairs for the car. With the money from this loan he will buy spare parts for restoring the car.
The communal bank Acuario is a group of caring and dedicated people who know how to face each passing day.
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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