Elsa, 37, is married and has 5 children, only one of whom is still a dependent. She has been a client of Edaprospo for 5 years and during that time has worked selling clothing and cosmetics. She started with the idea of being able to give her kids a good education. She also has been cleaning houses for two years. With her hard work she has been able to support the education of her youngest daughter and to increase the size of her business. Currently her income helps to cover the cost of utilities like water and electricity, while her husband covers food expenses. Her plan for the future is to finish building her house.
She used the loan to buy merchandise for her store. She belongs to the village bank "Luz y Prosperidad" which is made up of 10 people; she has been president for 4 months.
La Sra. Elsa de 37 años de edad, es casada y tiene 5 hijos de los cuales solo uno depende de ella. Tiene 5 años como cliente de Edaprospo y se dedica a la venta de ropa y cosméticos desde hace 5 años. Comenzó con la idea de poder dar una buena educación a sus hijos. También se dedica al servicio de limpieza a domicilio desde hace 2 años. Con su esfuerzo y trabajo ha logrado dar apoyo de educación a su hija menor y ha podido ampliar su negocio. Actualmente su ingreso lo destina a cubrir los gastos por servicios público como agua y luz, mientras que su esposo cubre los gastos de alimentación. Su plan para el futuro es terminar de construir su casa. Ella usó el crédito en la compra de mercadería para su negocio. Elsa pertenece a la alcancía comunal “Luz y Prosperidad” el cual esta conformado por 10 personas y lleva el cargo de presidenta desde hace 4 meses.
EDAPROSPO 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.