San Martin Group
Jeremías is one of the members. He is 57 years old, married with adult children. He works selling beverages such as soft drinks and mineral water. With the fruit of his labor and the help from his wife he could bring up the family. His greatest desire to to open another beverage stand and thus be sure of having higher earnings. The money he borrows will be used to buy soft drinks, beer and mineral water.
The new group “San Martin” is grateful to the Kiva loaners for their support. Jeremías is the first on the right side wearing a cream colored shirt and gray slacks.
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