Las Pulgas De Ancud Group
Carmen Gloria started her business of selling used clothing four years ago. With the help of her friends, she was able to overcome her shyness so that she could begin selling products on the street. Thanks to her efforts, she and her friends have been able to rent a small vending stall at the fair. She is very pleased that she has had more success with her business since the extra money means that she can provide a bit more support for her household. The loan she is requesting will be used to buy bundles of used clothing so that she can improve the inventory of merchandise that she offers to her customers. For this reason, Carmen Gloria is very pleased and is confident that she will do well during this period. Among the things that she enjoys most about working with Fondo Esperanza include learning how to invest, how to improve the sale of her products, and how to make purchases so that she can offer the best merchandise to her customers.
More information about this loan
This loan targets populations in financially underserved regions of Chile. Thanks to its numerous branches, Fondo Esperanza is present nationwide and offers loans to micro-entrepreneurs in a country known for its limited microfinance industry. This Kiva loan enables entrepreneurs to maintain their current businesses in areas where Fondo Esperanza is the only available and accessible financial institution.
About Fondo EsperanzaFondo Esperanza (FE) is a private non-profit organization that supports entrepreneurship by providing micro-credit and training to people living in poverty in well over 100 cities throughout Chile. By providing these services, FE aims to improve the living conditions of the entrepreneurs and their families. In 2010, FE provided loans to more than 41,000 entrepreneurs. It utilizes a communal banking model in which groups of 18 to 25 clients meet on regularly and guarantee each other’s loans. The members use their portion of the loan to create or expand their own businesses. In the group meetings, clients receive training though the FE Entrepreneurship School, which enhances clients’ personal and business skills and ability to work in groups.
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