La Fe 1, 3 & 4 Group
He is excited to be taking out his third loan with Esperanza after having successfully repaid his previous loan and grown his business. Renold plans to use this loan to invest in his business by buying rice, beans, sugar, canned food, vegetables, etc., He is running a colmado, a small grocery store.
Renold makes his home in a simple structure with his long-term partner and three children. He has had his business for almost three years, starting with a small amount of savings.
He says that his most difficult challenge is to buy a pick up to transport his merchandise. In the meantime he plans to continue to enjoy doing business. He will use his profits to invest in his business. His future plan is to have a house for his children.
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.
About Dominican Republic
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Success!! The loan was 100% repaid