Marie is one of the members of the “Fuente de amor” (Source of love) 1, 2 & 3 group which has 15 micro-businesswomen. They are involved in clothing sales, natural products sales, shoe sales, food sales, etc. Marie lives in the city of La Romana. Its economy depends on tourism and the sugarcane industry. This group, where more than 50% are Haitian, moved to this town pursuing a prosperous life by working in the sugarcane industry.
Marie is very excited to receive her third loan from Esperanza Internacional, having satisfactorily repaid her previous loan and taken an important step in her business growth. She has had her business for about three and a half years; she started it with a loan she took. She is running a clothing sales business, and she is planning on investing the new loan in clothes like pants, blouses, shirts, and shoes for women and men, etc. She sells them by walking around and from her house.
Marie’s family is made up of herself, her long-term partner and their five children; three of them live in her house. She tells us that her greatest dream is to have her own house. She will use her profits to invest in her business and to save because she wants to make her dream come true, the one to own a house to share with her family.
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.