Mujeres Amistad Group
The Mujeres Amistad group is from a pleasant community at the base of Lake Atitlan’s smallest volcano, Cerro de Oro. The women of this group enjoy working in a group to pay off loans because of the mutual help they provide each other and fun group activities.
These women mostly weave traditional indigenous clothing. Others sell food around their neighborhood. The weavers sell almost entirely in the largest town of Lake Atitlan, Santiago and mostly to intermediaries who add embroidery to their pieces and sell them around the lake area.
Although they face competition in Santiago, the extra capital of the loans and their ability to buy wholesale materials helps them remain competitive.
For Josefa T., increased investment leads to increased profit, which allows her to spend extra money on her family. She also maintains two employees which allow her to make about four guipiles per week.
On average the women can produce a guipil without embroidery in two days and sells it for 90 to 115 quetzales (13-15 dollars). At this rate, their only limitation is limited capital. Loans allow the women to get over this obstacle and earn enough money to live a comfortable family life and grow their businesses.
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