Gaviotas De Chuisuc Group
The Trust Bank has 18 members and is in their third loan cycle. Their average age is 38 years with three of the members being single and the rest being married. The married women have an average of four children each. The income that these ladies earn enables them to provide a better standard of living, health and education for their children.
Ana, 35 years of age, is the treasurer of the trust bank. She is married and has three children who range in age from five to fourteen and each of them attends school. Ana is in her 2nd loan cycle with Friendship Bridge and her business consists of weaving textiles, either colorful “huipiles”, the rectangular shirts that the indigenous women wear, or “cortes”, which are their skirts. Ana needs to secure a loan to buy two looms so that she can increase production. She has sixteen employees (8 women and 8 men) who are excellent workers, especially at this time of the year. In Guatemala, Easter is a big and very popular holiday and as such, families like to purchase new clothes. Ana is well aware of this increased demand and has increased production. The increased earnings will be well used. In addition, Ana owns a stall at the lively market in Totonicapan, a large community that is near her village, where people sell textiles.
The 18 women of the trust bank, “Gavitas de Chuisuc”, are amazed, pleased and grateful, that they have received financial support in the form of loans from people that they don’t know.
These ladies have a desire to overcome obstacles and move forward. With their loans, they can transform their own lives, as well as elevate the standard of living for their families and communities.
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