Mujeres De Exito Group
Maria Magdalena is a member of the Mujeres de Éxito Trust Bank. She is 50 years old, married, and has eight children (four of them still live at home). Thanks to Maria and her husband’s hard work, all of her children were in school until the heavy rains hit Guatemala last year and her oldest child, who was in college, had to drop out. Maria Magdalena only has three years of education, because her family couldn’t support her schooling anymore. Maria learned to make huipiles (traditional blouses) when she was a child, and over time she learned the styles from other places. She now makes different styles of huipiles from different areas. She also learned how to make chocolate (a product that originated in Quetzaltenango, Guatemala, where she is originally from). Maria Magdalena travels to Antigua, Guatemala (two hours away from home), Monday through Saturday and sells her products from 11 a.m. to 8 p.m. She also sells her products in Patzun on Sundays.
With her new loan, Maria Magdalena will buy fabric and thread to make huipiles. She will also use the materials to make aprons since her orders are on the rise because the Easter season is fast approaching. She will also use her loan to buy more ingredients to make chocolates so that she can keep up with demand (she has many orders for chocolates as well). One of Maria Magdalena’s goals is to grow her businesses and have her children help manage the businesses with her. She also wants to help her child, who had to drop out of college, go back to school.
She is very happy and grateful to Friendship Bridge for the opportunity to have been a client for the past four years, which has allowed her to invest in her business. Likewise, the Trust Bank that she belongs to feels so grateful to the KIVA lenders because even though they do not know the lenders, they rely on their support.
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