Las Margaritas De Atitlan Group
The women from the Margaritas de Atitlan group from Santiago Atitlan enjoy their community and like working in a group. Their main business activities are weaving and embroidery. They weave some items from the traditional indigenous outfit and embroiders the colorful designs on the top, which is known as a guipil. They sell these pieces to either intermediaries, local buyers or to people who order beforehand in the markets of Santiago and Panajachel, Lake Atitlan’s largest towns. During the rainy season (these months) their sales drop substantively. Otherwise, their microenterprises are doing well.
This credit has enabled them to invest in their small businesses. However, they consistently need more capital to continually spur the growth of their businesses. The credit they have requested will help them invest in not only cloth, dyes and thread, but in larger investments such as sewing machines and equipment.
The words of Maria del Carmen sum up the general sentiment of the mothers from this group, “I desire a better future for my kids and family.” She wants to enlarge the business so that life is a little easier.
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