Las Florecitas De San Cristobal Group
With this new loan Doña Teresa (in the back row, second from the right), will be able to purchase necessary yarn and needles for her hand-knit sweater business. Having learned to knit as a child, Dona Teresa now has a life-time of experience and is able to help support her seven children. With school fees and the pressures of daily life in Guatemala, Teresa says that she has finally been able to “catch her breath” after receiving her first two loans. She feels that “there is a peace that comes from knowing where your money is going to come from.”
Along with Teresa, Las Florecitas de San Cristobal are excited to support their families, help pay for their children’s education, and even help one member finish building her house. As neighbors they will meet each month for repayments and financial education training with a Friendship Bridge facilitator.
About Friendship BridgeThis loan is administered by Friendship Bridge (FB), a nonprofit, nongovernmental organization that empowers thousands of impoverished Guatemalan women through its Microcredit Plus program. The program combines small loans averaging US$350 for four-to-twelve month loan terms with non-formal, participatory education.
As FB clients, women start, expand, or diversify their businesses and learn practical lessons on topics including business, health, and self-esteem. FB’s clients borrow as a group, forming Trust Banks (groups of 7-25 women who serve as co-guarantors of the loan and act as a self-regulating support network).
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