Mujeres En Prosperidad Group
Maria Coralia is a member and founder of the Mujeres en Prosperidad Trust Bank. She is 56 years old, married and has nine children, five of which still depend on her. Coralia, as she is known locally, is named in honor of a person who provided work to her father for several years. In the photo, Coralia is the third woman (from left to right), she is wearing a black blouse with purple flowers.
Coralia has operated a food vendor business for the past 13 years. She sells small portions of typical Guatemalan food and operates her business from Monday to Saturday. She wakes up at 4:00 a.m. to prepare everything, and then she goes to the market from 8:00 a.m. to 1:00 p.m. to sell her products. Her business has slowly grown over the years, and she has been able to help pay for her children's education. While most of her children only completed the sixth grade before they stopped going to school, Coralia is optimistic that at least her younger children will reach high school.
Coralia is excited to receive a new loan, which she will use to start a new business. She is a very innovative woman and recently traveled to another city (three hours from home) for training in baking and decorations. She now wants to use her newfound knowledge to start a bakery. The loan that she receives will be used for two purposes: to invest in the existing business (food), and to buy some materials, such as a mixer, for baking.
"Access to loans for women is a great opportunity for growth; it makes us more independent and allows us to make our own decisions," said Coralia. "My dream for my current business as for my new business is that in the future the two of them can be sustainable, so I further support my children's education."
The Mujeres en Prosperidad Trust Bank is very surprised that people from other countries have the desire to invest in them and are thankful that Kiva lenders reach out and trust them to use the loans wisely.
About Friendship BridgeThis loan is administered by Friendship Bridge (FB), a nonprofit, nongovernmental organization that empowers thousands of impoverished Guatemalan women through its Microcredit Plus program. The program combines small loans averaging US$350 for four-to-twelve month loan terms with non-formal, participatory education.
As FB clients, women start, expand, or diversify their businesses and learn practical lessons on topics including business, health, and self-esteem. FB’s clients borrow as a group, forming Trust Banks (groups of 7-25 women who serve as co-guarantors of the loan and act as a self-regulating support network).
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