Las Begonias Group
One member is Ana, who is 54 years old, married, and the mother of five children. Every day she makes her living sewing costumes for dance events and school plays. She started this after seeing that her nieces’ and nephews’ school performed plays on every special day, and for which it rented many traditional and stylish outfits for the dances and plays. It is because of this that in four years she has managed to consolidate a clientele that allows her to contribute to the expenses of her home and save for her longed-for dream, the construction of the second floor of her house.
She will invest the recent loan into the purchase of cloth to make disguises. Ana and the group “Las Begonias” are thankful for the trust and the loan given, since it will generate one more push for them to achieve their future goals.
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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Success!! The loan was 100% repaid