Mabel started her business selling clothes three years ago. Her work schedule if from 8 a.m. to 3 p.m. and she is a street seller. She needs the loan she is requesting to purchase different styles of clothing that will appeal to her customers so that she will be able to stock her business. The greatest difficulty she faces is related to the weather for when it is raining, her sales drop because she cannot do business on the street when it is raining and she does not own a vehicle to transport her goods.
Mabel’s goal is to stabilize her business and to own a shop where she has a variety of garments to sell. This is her first loan from FAMA and she expects to make all of her payments on time.
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