With only two years of formal education, Josefina created a textile business that produces typical skirts made with a foot loom. The business has been around for nearly a decade. She and her family spend at least six days a week working to complete their orders, and Josefina travels one and a half hours via bus once a week to deliver the orders to clients.
Josefina is starting her third loan cycle with Friendship Bridge. Her daughter, Maria, has also joined Josefina’s Trust Bank for her first loan cycle. Maria is completing her teaching degree while building up her small business.
Josefina is very excited about her new loan with Friendship Bridge because she will be able to purchase a variety of yarn and thread for her textile business. Josefina's vision is to grow her business enough so that she does not need to take out loans in the future. Josefina also wants her children to stay in school and continue their studies in college. She was not able to continue with her schooling because her family needed her to work. “Before I joined Friendship Bridge, I did think that my girls' education was important, but now I know that they need to stay in school,” she says. “By staying in school, they will be able to increase their knowledge and be more successful.”
Josefina, Maria and 12 other women are part of the Choqui Trust Bank. The Trust Bank members are all from the village of Chipuac, a fairly rural area outside of Totonicapán, Guatemala. Many of the women in the Choqui Trust Bank have animal husbandry businesses, such as raising chickens, while several other members are involved in the textile industry. Each member of the Trust Bank has a different story but they all share a common vision: to be successful and to improve their lives and the lives of their families and community members. The 14 women appreciate the moral and financial support KIVA lenders provide, and they are impressed that technology can unite people from around the world with Totonicapán’s communities.
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