Luis is a 33-year-old single man who works with his parents to manufacture traditional indigenous clothing in Otavalo, Ecuador. He and his parents sell their clothing at the weekly arts and crafts fair in Otavalo. Luis describes himself as an easy-going guy who gets along with everyone. He is very hardworking and when he was young he used to earn money by working in the construction trade. A few years ago, he decided to help his mother, Maria, and his father, Jose, with their weaving business. Luis began weaving the traditional scarves, belts, and shirts, that the indigenous people of Ecuador wear.
Luis is requesting a loan to buy raw materials for his family's business. The three of them are hoping that this loan will help them put food on the table and provide the family with a decent income. Luis dreams of one day being able to return to school so that he can continue to move ahead in life, and has high hopes that his earnings will enable him to do so in the future.
About VisionFund Ecuador
VisionFund Ecuador is a microenterprise development fund that supports groups of entrepreneurs who lack access to formal financial systems. The organization works with vulnerable populations, especially women, in the marginalized urban and rural sectors of Ecuador. Its clients work in a variety of sectors including agriculture, artisan crafts and the commercial and service sectors. Kiva lenders’ funds are used to expand the organization’s services to the poor living in more rural parts of Ecuador.
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.