Villa Ascencion Group
Maria J. B. is just one member of the 10-person micro-bank, Villa Ascencion, which means “Ascended Town”. Each of these unique Dominican entrepreneurs unite in solidarity, allowing them to access funding that they would otherwise never be able to receive on their own. The concept of this group bank paying their loan together is to reduce the risk of one person defaulting, as the other members gladly help cover one another’s payments in order to receive their next loan together. Some of the other women in this particular bank make a living selling clothing or running small salons, and one owns a small colmado, or store that sells basic groceries and snacks.
On behalf of Maria, the Villa Ascension, and the entire team here at Esperanza International, we thank you for your support and awareness of the global issue of poverty, in which your efforts are helping to make a difference.
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