Delfina is the president of the ¨Fuente de Esperanza¨ Bank of Hope and definitely holds sway in her community. She lives in a very poor community surrounded by sugar cane in a rural area outside of El Seibo. Delfina is 77 years old and lives with her husband. She has six children and six grandchildren who now live in the neighboring towns of Higuey and La Romana.
Delfina sells clothing, mainly shirts, to the people in her community. She has successfully repaid two loans to Esperanza International and is now requesting a third. With the loan money, she hopes to open a small ¨colmado¨ (mini grocery-store) at the side of her house.
Note: This is a group loan for 5 people.
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.