Julio C. Tello Al Progreso Group
This is the “Julio C. Tello Al Progreso” group, composed of eight hardworking women that have been able to progress with their families thanks to their businesses.
This is the case of Damiana, who is 59, married and has five independent children. Damiana weaves garments such as sweaters, scarfs and quilts, in both threads and wool. She works upon request, since she has loyal customers. Damiana enjoys having this business, as it has helped her to contribute to the home’s expenses. Her biggest dream is to finish building her house. She will use the loan to buy threads and wool in larger quantities.
Damiana is located to the right of the picture. She is wearing a white shirt, a skirt and a hairband. Florinda, the lady in the added picture, could not make it in time for the meeting because of her job. The group appreciates the granted loan.
About EDAPROSPOEDAPROSPO seeks to use micro-credit to foster productive commercial activity for the sake of economic and social development within vulnerable urban and rural sectors traditionally neglected by commercial banks. By offering innovative products such as technical education loans and microfinance groups for young people, EDAPROSPO helps disadvantaged Peruvians lift themselves out of poverty.
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