Emilia is 26 years old. She lives with her partner and two children. Emilia sells candy in her husband’s mechanic shop. She also sells replacement car parts. She started this business one year ago with her first loan from the community bank.
Aydee is 23 years old. She lives with her partner and two children. Aydee buys and sells young animals. She buys them in various small daily markets and then sells them at the regional Sunday market.
Maria is 31 years old. She is a widow and has four children. Maria has a well stocked store where she sells food staples such as rice, sugar, and flour, as well as fruits and vegetables.
Emilia, Aydee, and Maria each need loans of 1000 soles (3 soles = $1) which they will invest in buying oil, car parts, cookies, soft drinks, pork, lamb, sugar, rice, flour, vegetables, and fruits.
One of the most important aspects of the community bank is the interest-earning savings account that each associate has. Emilia, Aydee, and Maria plan to use their savings to improve their businesses and to pay for their children’s education. Their dreams are to increase their businesses, build a house in the city of Ayacucho, 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