Las Vecinas Group
Norma started her business 15 years ago; she sells bunches of bundled spices in the street by herself. The loan Norma is asking for is needed to buy condiments like pepper, sulphur, garlic salt, curry, cumin, meat tenderizer and chicken consommé, among others. With help from this loan she will be able to stock her business and offer her customers everything they need.
The problems Norma faces are high prices of staple food items and the country’s poor economy since all of this affects her daily sales. Her dream is to set up a business where she can distribute the various products she has on sale and be able to add more merchandise that her customers request so that her business will grow.
This is Norma’s third loan request to FAMA and she’s had no problems making her installment payments.
About FAMA:Honduras is one of the poorest countries in the Western Hemisphere with approximately 59% of people living below the poverty line. Familia y Medio Ambiente OPDF (FAMA OPDF) is a Honduran non-profit with no religious or political affiliation. FAMA’s mission is to provide quality and opportune financial services so that men and women have equal opportunities to develop their micro or small businesses, whether they focus on agriculture, manufacturing or services. FAMA operates 13 branches throughout Honduras and serves over 12,500 clients.
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