Edermiro is the coordinator of the La Fortaleza (The Strength) 1 & 2 Group. This group is located in the town of Hato Mayor, whose economy depends on farming and is in the northeastern part of the country. Edermiro has a wife and nine children, three of whom live at home.
Edermiro will use this loan to buy different meats. He has a butcher shop where he sells beef, pork, chicken, and goat meat. He is excited to be taking his 14th loan with Kiva partner Esperanza, after having successfully repaid his previous loans and grown his business. Edermiro started his business with his first Esperanza loan nearly seven years ago. His most critical challenge is to save and rebuild his house.
Edermiro will reinvest the profits in his business and continue to save for the construction of his own house. His dreams are to live comfortably and save with his partner. He became interested in and motivated to join Esperanza after he was encouraged by others in this group to be part of the program and start his business.
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.