Flor Económico Group
The women from the group Flor Economico are happy living in their small town of Santa Lucia Utatlan. The women are a group of neighbors who always help each other out with meeting times, repayment dates and educational meetings. They live in a town which is “friendly and nice,” as Maria Salome M. described it. Although small, the villagers as hardworking men and women who search to find successful jobs and business opportunities.
These women are dedicated owners of an embroidery micro-enterprise. They dedicate their time to weaving the colorful embroidery commonly seen in tops, known as guipiles, in the Lake Atitlan region. Five of them hire employees to work along with them. On average, they complete ten to fifteen tops in a month and sell them at 500 to 700 quetzales (80-100 USD) each, depending on the style and quality.
They sell their finished products to buyers at the Nahuala, Solola, Santa Clara, Chimaltenango and Quiche markets. Some of them work based on orders. Their sales are continuously growing thanks to their ability to increase production.
Their current sales have dropped due to the seasonal rain and a bad economy. Their confidence is unhindered, however, as they are confident that sales will rebound in the December, January and February. The loans help to stabilize their financial cycle during low seasons or months where there are unforeseen family expenses.
The loans provide them with capital to deal with higher prices and access low interest loans. They can now invest in their business and hire workers to assist them. The current loan request will go towards buying cloth, string, and art supplies. The rainy season is when loans are needed most.
These working mothers have consistently repaid their loans and strive to improve and grow their micro-enterprises. They are working towards a future in which they have a large, sustainable business that does not need loans. This will allow them to support their families and husbands.
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