Las Rosas De Xenacoj Group
Dolores, a new member of the Las Rosas de Xenacoj Trust Bank, is 28 years old and married to a tailor. They are a new family as they just welcomed their first daughter into the world last year. Dolores makes fajas (sashes) in various colors and designs. She is known in the community for having beautiful designs and colors that all of her clients thoroughly enjoy. At this point, her business is doing quite well, so she approached Friendship Bridge to request her first loan of approximately US $256. She will use these funds to buy a variety of colors of thread that she will use in order to keep up with the current demand for her garments.
Dolores is very excited about the loan, as she has clients who regularly purchase from her. This means steady income for her and her family. As a young family, Dolores and her husband know that husbands and wives must work to support each other in order to provide the best life for their children. Dolores has a dream to own a storefront where she can showcase her products and gain more clients without neglecting her regular customers who continue to support her and purchase her products. Dolores has confidence and a business plan to do this and part of the plan relies on capital from Friendship Bridge.
The rest of the women in the Las Rosas de Xenacoj Trust Bank are grateful for the support of Friendship Bridge and KIVA investors. By endowing their Trust Bank with funding the women are already supporting the development of their families and their community.
About Friendship BridgeThis loan is administered by Friendship Bridge (FB), a nonprofit, nongovernmental organization that empowers thousands of impoverished Guatemalan women through its Microcredit Plus program. The program combines small loans averaging US$350 for four-to-twelve month loan terms with non-formal, participatory education.
As FB clients, women start, expand, or diversify their businesses and learn practical lessons on topics including business, health, and self-esteem. FB’s clients borrow as a group, forming Trust Banks (groups of 7-25 women who serve as co-guarantors of the loan and act as a self-regulating support network).
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