Six years ago, the Francisquenses Trust Bank was formed by several enthusiastic women. There are currently 16 members of the group. The women are pleased to have four new members. They are most aware that these new members must be responsible in order to uphold the good credit history of the Trust Bank. During the monthly meetings, the women receive training where they discuss topics such as health, family planning, and children’s rights, as well as business topics including budgeting and planning.
Magdalena is one of the new members of the Trust Bank. She is 31 years of age and has four children, ranging in age from 18 months to 13 years. Three of the children attend school. She has had two years of formal education, which is the average for the women in her Trust Bank.
Magdalena and her husband are tailors and make pants and jackets. They work for her brother and are paid by the pieces of clothing that they sew. However, Magdalena’s dream is to be independent, to produce more products and increase her income. After learning about Friendship Bridge and its Microcredit Plus program, she joined the Trust Bank and applied for her first loan in order to buy her own sewing machine. In this way, she can produce her own products and contact wholesalers. In addition, she will be better equipped to support her children’s education, so that they will enjoy a better future, perhaps a professional one!
The Francisquenses Trust Bank is most grateful to Friendship Bridge and Kiva investors. With the working capital that they provide in the form of loans, the women can become more independent, create or grow their businesses, and move themselves, their families, and community forward into a brighter future.
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