Mercedes is one of the members of the Nuevo Progress (New Progress Group) 3 & 4. The group is made up of ten businesswomen who live in the northeast of the capital city, Santo Domingo, and they run a variety of businesses: sales, cosmetics, beauty salons, shoe sales, fruit and vegetables sales, and others. They sell their wares in their community and in other nearby areas. Every day these businesswomen work to improve their quality of life.
Mercedes is receiving her eighth loan from Esperanza Internacional (Hope International). She will use the loan to invest in her business, selling fruits and vegetables. She sells her goods wholesale and to individuals. She will purchase plantains, yucca, fruits, and vegetables with the loan.
Mercedes hopes to have an established business, which will allow her to support her family and make changes in her life, like having a good home and stable economic situation. She is excited to receive your support; your support will help them reach their dreams.
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.