She says that it is the first time they have worked with Visión Fund, and that all the members are very happy. She says, "We formed our group because we all need working capital to invest in our businesses. We went around asking several financial institutions, but none convinced us like Visión Fund, as it is the one with the lowest interest rates, and we decided to work with this institution."
She says that she works every day making tortillas with a woman who makes approximately 50 dozen tortillas a day by hand, the equivalent of some 600 tortillas. She works from Monday to Saturday to be able to help her husband with the household expenses, even though she would like to be self-employed and have a stable business.
She says she would like to sell tortillas from her home. Currently, she is asking for a loan to invest in the purchase of mattresses, sheets, bed coverings, towels and comforters by catalog.
A friend told her that good earnings can be made selling bedding, and she hopes that it will go very well, as she bought the catalogs and people have already made several orders with her. Now all she needs is working capital to supply the orders. She says that she will sell on a payment plan, to make it easier for the customers to pay, and for her to gradually recover her investment.
Olga is very happy, because she is really looking forward to having her own business, both making tortillas and selling bedding.
The other members of the group are Feliza, Leticia, Maria Guadalupe, Anna Maria Arsenia, Juan and Sonia. They will invest their loans in the purchase of goods to sell: car parts, seasonal fruits and vegetables, seasonal women shoes, shoes by catalog, clothing by catalog, and candy.
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