Loma Chiquita Group
María de la Luz, 23, is one of the group members. She lives in free union with Juan Manuel who works in construction. They have formed a family together; they have two children. Luz, as she’s affectionately called, is a very young woman but she very much wants to get ahead in life. Luz works selling candy every day on a little table outside her house. She started the business two years ago because she wanted to help her husband with household expenses so they could have a better quality of life. This time, she’s asking the institution for a loan to buy more candy of various types. Her difficulty is the lack of money to invest in the business but thanks to the loan she’ll be granted she will be able to buy more candy.
Luz’s dream is to have a larger store where she can sell all types of products. Her profits will be of great use to her to be able to improve her quality of life and she will also be able to use her profits so that her children can go to school.
The other group members are José who will invest in his grocery store, Catalina who will invest in candy and Isidra who will buy sheep to raise and then sell. The group is very grateful to Kiva and VisionFund for the granted loan because thanks to the loans they’ve been able to make their business grow.
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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