Cristo Salva 1 Group
Esperanza is very excited to receive her four loan through Esperanza International. She took her first loan almost two years ago, and she is very grateful for the opportunity her neighbors gave her by inviting her to join the group.
She has had her business for about twenty-three years. She started by selling silver jewelry such as rings and chains, using money that she had saved up. Esperanza is planning to invest by purchasing miscellaneous products like shoes, underwear, clothing and cosmetic products. She usually sells by walking to the main city of La Romana, and other closer bateyes (sugar cane workers' town) and communities. She will use her business profits to reinvest and expand her inventory by buying more products. She is planning to set up a little miscellaneous store in her house.
This group is composed of 5 Haitian's immigrants, located in the city of La Romana, where tourists and the sugar cane are the biggest industries. They all live in a rural area called Batey, surrounded by sugar cane fields.
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