Luz Del Dia Group
Leo says that she adds to her inventory in the city of México and in Moroleón, Guanajuato where they give her good prices. She notes hat she will use the loan to buy a greater variety of clothing and that the funding will help her because she will have a source of employment to support her children and she will be able to assist her husband with household expenses.
Leo’s goal is to increase her business more since she wants to have it very well stocked. She says that during this summer season she wants to buy cotton t-shirts, girl’s pants and boy’s bathing trunks.
Leo states that she is very grateful to FRAC because, thanks to the loans they have provided, her business has grown, little by little.
The other four members of the group are Audelia, Josefina, Candelaria and Yolanda. They will invest their loans in their businesses consisting of hosiery and haberdashery, a coffee bar, a grocery store, in napkins and cooking pots, in a combination of public service.
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