La Paz De Dios (The Peace Of God) Group 5
When she received her first loan from Esperanza International, Belkis had a small “colmado,” or mini-grocery store. With the three loans, she has expanded the colmado to about five times its original size and is now selling more products like shoes, jewelry, dishes, soaps and shampoo. With her fourth loan, she plans to fill the empty shelves of the larger colmado with more products like cooking oil, vinegar, etc. Hopefully within the next year, she plans to convert her colmado into an “almacen” or warehouse where she can supply goods in bulk to other colmados in the area. She is currently working on supplying her house and colmado with electricity so that she can use the freezer she recently bought. Eventually, she would like to buy a television, but business growth is more important right now.
In the photo, Belkis and the other four members of her group are meeting with their loan officer to prepare to receive their next loan.
This is a group loan for five people. The loan funds will be distributed among the group members, each of whom will invest in her own business. The members mutually guarantee one another's loans. If one member does not repay, the other members are responsible.
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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