Nuevo Progreso 3.1 Group
Esperanza Internacional is running a program where most of their clients pay back their loans, fulfill the commitment to expand their businesses, and show fidelity to their groups. They can request loans to improve their house structure, while running their business loans and attending group meetings.
Pura is living in a rural town with her long-term partner and their two children. She started building her house with her profits she saved. She took out loans with Esperanza to expand her business selling clothes. Pura will finish building her house with this loan to cover the concrete block wall and to construct the roof.
Pura and Carmen joined to take out this Housing loan together as a group. They will support each other in this challenge. Each of them will finish building her house walls and roof. Pura and Carmen thank you all for your support!!!
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.
About Housing Loans
Many poor families cannot afford housing that meets their needs. When you make a housing loan on Kiva, you give people access to flexible capital to obtain or improve their homes. Better housing means better health, sanitation, and even educational outcomes for children. A house can also be much more for entrepreneurs who run businesses out of their homes. In this way, housing and small business loans on Kiva share a common purpose: to alleviate poverty and enable families to enjoy more stable lives.
About Dominican Republic
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Success!! The loan was 100% repaid