The “Sagrado Corazón” (Sacred Heart) communal bank consists of six women who have been working for more than a year. Betty, 48, is married with two children. For more than five years she’s been selling beauty products. She decided to go into this business thanks to a friend who encouraged her to do so. With her work and effort Betty’s managed to build part of her house.
She will use her latest loan to buy cologne, cream, talc and costume jewelry. Her next goal is to finish building her house. Betty is third on the right wearing a light blue shirt and a black vest. The “Sagrado Corazón group is happy and grateful to the people who made this loan possible.
La Alcancía Comunal “Sagrado Corazón” está constituida por 06 mujeres que llevan trabajando más 01 año. Betty de 48 años de edad es casada y tiene 02 hijos. Hace más de 05 años que se dedica a la venta de productos de belleza, decidió emprender este negocio gracias a una amiga la cual la motivó. Con su trabajo y esfuerzo Betty ha logrado construir parte de su casa. Su último crédito lo destinará para la compra de colonias, cremas, talcos y bisutería. Su siguiente meta es de terminar de construir su vivienda. El grupo “Sagrado Corazón” están contentos y agradecen a las personas que hicieron posible éste crédito. Betty es la tercera del lado derecho, viste polo celeste y chaleco negro.
EDAPROSPO seeks to use micro-credit to foster productive commercial activity for the sake of economic and social development within vulnerable urban and rural sectors traditionally neglected by commercial banks. By offering innovative products such as technical education loans and microfinance groups for young people, EDAPROSPO helps disadvantaged Peruvians lift themselves out of poverty.
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.