Edicto owns a grocery store. He is a member of the El Gran Esfuerzo ("the great effort") 1, 2 & 3 Group located in the city of Hato Mayor, a primarily agricultural region. It is one of the most rural cities in the Dominican Republic. This group is dedicated mostly to people in the door-to-door business, vending their products on foot in different communities.
Edicto is the hard-working father of six children. He lives with his wife and two of their children; the others are living in their own homes, and some reside in Haiti. He tells us that his biggest challenge is to finish building the family house, and he is still saving his business profits toward this goal. With this loan, he will invest in his business by purchasing products for daily meals to sell like rice, flour, vegetables, meat, cooking oil, some other grocery products; these kinds of businesses are called 'Colmado'.
Edicto is very excited to receive his 13th loan through Esperanza Internacional, after having successfully repaid his previous loan. He has had this business for about eight years. He started the business using the first loan he received from us. His dream is to finish construction on his house and to live quietly in it with his family.
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.