In just three loan cycles, Milandina has more than doubled her loan amount, starting with a loan of $5000 DOP and currently borrowing $12000. Her rapid progress is most easily observed in her well–stocked store. Though the store is successful, Milandina has dreams to expand: she wants a more spacious store with a wider variety of merchandise (specifically accessories). This determined attituD. has had noticeable benefits for her family and community.
Milandina is a group leader in her Bank of Hope, Hacia Adelante (“onward”), and her loan officer Ramona often uses her story as an inspiration for new associates. Of all her successes, Milandina seems most proud of the fact that her family can now always count on her—proof that Esperanza fosters solidarity and responsibility as well as entrepreneurship.
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.