The committee “Rincon Poty” (Flowers’ corner) is proud to be in its fourth cycle. They have been working with Fundacion Paraguaya for one year.
In 2007, there was an epidemic that affected many people in the whole country. A very affected area was the neighborhood where these ladies live. As a result, four members of the committee got dengue and yellow fever. Since they were not able to work, the generation of income in their families slowed down. The whole group organized different events in the neighborhood in order to raise funds to help the ladies.
The businesses these ladies run are: grocery stores, mini-restaurants, sewing shops, and sales of cosmetics, clothing, remedies, jewelry, and chicken. The money provided by the credit will be invested in: sugar, flour, pasta, winter clothing, fabric, remedies etc.
About Fundación ParaguayaFundación Paraguaya is a financially self-sustaining social enterprise that promotes entrepreneurship in urban and rural areas through microfinance, education programs, and more. Its focus on agriculture has helped many farmers boost their crop yields. And a number of other borrowers have taken out loans to start and grow social businesses that have helped deliver eyeglasses, medicines and other helpful services in their local communities.
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