Las Mujeres Luchando Contra La Pobreza Group
Lucia Matinez is the leader of the 10 person micro-bank, Las Mujeres Luchando Contra La Pobreza, which means, The Women Fighting Against Poverty. Each of these unique Dominican entrepreneurs unite in solidarity, allowing them to access funding that they would otherwise never be able to receive on their own. The concept of this group bank paying their loan together is to reduce the risk of one person defaulting, as the others members gladly help cover one another’s payments in order to receive their next loan together. One of the other women in the group has runs a small salon, one sells vegetables in the street, and several of the others sell clothing to in the streets and markets of Puerto Plata.
On behalf of Lucia, the Mujeres Luchando group, and the entire team here at Esperanza International, we thank you for your support and awareness of the global issue of poverty, in which your efforts are helping to make a difference.
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