An example of this is Nelly, 52. She’s married and has four children one of which is still a minor. He rises every morning very early to open her store that’s her source of income for her home. It’s given her much satisfaction in the 8 long years it’s been in operation. Nelly started this business because she needed to help her husband with household expenses.
She will use this latest loan to stock up on merchandise to sell in her store. Like Nelly, each member has their own particular story with both good and bad moments throughout their lives. But, if they have anything in common, it’s their desire to improve which they prove daily in their quest for their families’ and their businesses’ wellbeing.
About EDAPROSPOEDAPROSPO seeks to use micro-credit to foster productive commercial activity for the sake of economic and social development within vulnerable urban and rural sectors traditionally neglected by commercial banks. By offering innovative products such as technical education loans and microfinance groups for young people, EDAPROSPO helps disadvantaged Peruvians lift themselves out of poverty.
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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