Lourdes is 36 years old, is married, and has three children. Lourdes sells cosmetics from a catalogue. She sells Unique, Avon, and Esica products, and concentrates on selling to her friends and family. In addition, Lourdes transports shoes from the city of Trujillo, to sell in Ayacucho.
Norma is 32 years old, is a single mother, and has two children. Norma sells fruits from a cart outside the Santa Clara market. Norma also raises chickens and pigs which she sells at the market in the small town of Quinua and to friends and neighbors.
On the other hand, Paola is 20 years old, and is studying nursing at the local university. In order to help pay for school, Paola makes typical breads such as “chapla”, which is similar to pita bread. She learned how to bake from her parents.
Lourdes, Norma, and Paola need loans of 600, 1000, and 1600 soles (3 soles = $1), which they will invest in buying perfume, beauty cream, shampoo, grapes, mangos, papaya, bananas, flour, oil, chickens, and pigs.
One of the most important aspects of the community bank is that each associate has an interest earning savings account. Lourdes, Norma, and Paola plan to use their savings to invest in their businesses, open a cake shop, pay for their children’s education, and to finish university. Their dreams are to see their businesses prosper, help their children have a better life, and find a job as a nurse.
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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