Grupo C Group
Arturo is the group representative. He relates that he’s 35-years-old and in a common law relationship with María. They have formed a family together with three children two of which are in pre-school. Arturo relates: “We were obliged to request a loan because my father signed us up for government assistance program. We requested a grocery store. The three members of the group are in the project. Our request was approved and we will get the cash so that we can buy the groceries. However, they are asking us for an equal percentage in cash and this is why we are requesting the loan. We are very grateful and committed to the institution because for us having a business of our own is a very good opportunity.”
Irma and Azucena will manage the grocery store. None of them have ever had a business; this is their first time and they are very hopeful that everything will turn out well. The dream the three of them share is for each one of them to become independent with their respective businesses to improve their families’ quality of life.
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