Brilla El Sol Group
Ruby sells frozen products such as hake, shrimp, frozen french fries and potato puffs, as well as frozen vegetables such as corn, lima beans, green beans, carrots and peas. She started her business two years ago when she took a course in the town of San Pedro, where she was trained in food handling, which helped her get into what now is her business.
She has had quite a few challenges, but has always been fully supported by her family, and more now by her son, who helps her to promote her products via the Internet. When they get customers, he is the one responsible for helping her transport the products so that they stay frozen.
With her effort and savings she has been able to buy herself a small used car that has been useful in transporting her products. The loan she will be able to access will enable her to stock more products to sell. At this time of year here in Chile, because it is Holy Week, people don't eat meat, only seafood products, and she would sell much more, which would be very good for her business—so she projects that it would be a very good sales period.
At Fondo Esperanza, she has got to gotten to know very good people, and besides her participation has been rewarding, also helping her to have a much greater desire to succeed. There is a lot of respect there and help from the advisers. She also tells us that she has made friends through her communal bank, as when the day comes to make a payment for previous loans, they get together with their fellow members and prepare a light meal, making cakes or cookies. In short, a rewarding experience.
More information about this loan
This loan targets populations in financially underserved regions of Chile. Thanks to its numerous branches, Fondo Esperanza is present nationwide and offers loans to micro-entrepreneurs in a country known for its limited microfinance industry. This Kiva loan enables entrepreneurs to maintain their current businesses in areas where Fondo Esperanza is the only available and accessible financial institution.
About Fondo EsperanzaFondo Esperanza (FE) is a private non-profit organization that supports entrepreneurship by providing micro-credit and training to people living in poverty in well over 100 cities throughout Chile. By providing these services, FE aims to improve the living conditions of the entrepreneurs and their families. In 2010, FE provided loans to more than 41,000 entrepreneurs. It utilizes a communal banking model in which groups of 18 to 25 clients meet on regularly and guarantee each other’s loans. The members use their portion of the loan to create or expand their own businesses. In the group meetings, clients receive training though the FE Entrepreneurship School, which enhances clients’ personal and business skills and ability to work in groups.
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