Luzmira, who appears in the photo on the right-hand side, smiling and wearing black with a belt, lives in Castro. She belongs to the communal bank Rayen Wuapi, where the members have parcel services, sell lingerie, run truck farms; some have dressmaker shops, produce shops, and beauty salons. Luzmira has a beauty shop. She began her business about 20 years ago, because she studied for this. Although she stopped working for a while when she had her son, now she has gone back to work. She expresses thanks that she hasn’t had problems with her business. She says that the money she is asking for will be used to buy and restock some supplies that she needs in her salon. She is very excited because she knows that things will go well for her this cycle. Additionally, she says that she is very happy and thankful to be able to work with Fondo Esperanza because she hadn’t found another place where they support her and help her so much, where they are concerned with teaching and training women to improve their businesses day by day.
Luzmira, quien en la fotografía aparece hacia el costado derecho, riendo y viste de negro con un cinturón, vive en Castro, ella pertenece al Banco Comunal Rayen Wuapi, en donde sus socios tienen paqueterías, venden lencería, chacarería, algunos son modistas, tiene verdulerías y peluquerías. Luzmira tiene una peluquería, y ella comenzó con su negocio hace aproximadamente 20 años, ya que ella estudió para eso., aunque dejo de trabajar algún tiempo cuando tuvo a su hijo, pero ya lo retomo, agradece no haber tenido problemas en su negocio. Nos cuenta además que le dinero que esta solicitando lo ocupara para comprara y renovar algunos insumos que necesita en su peluquería. Ella está muy entusiasmada porque sabe que le irá muy bien en este ciclo. Además nos comenta que está muy contenta y agradecida de poder trabajar junto a Fondo Esperanza ya que no había encontrado otro lugar en donde la apoyaran y la ayudarán tanto, en donde se preocupen de enseñarles y capacitarlas para mejorar cada día mas su negocio.
More information about this loan
This loan targets populations in financially underserved regions of Chile. Thanks to its numerous branches, Fondo Esperanza is present nationwide and offers loans to micro-entrepreneurs in a country known for its limited microfinance industry. This Kiva loan enables entrepreneurs to maintain their current businesses in areas where Fondo Esperanza is the only available and accessible financial institution.
About Fondo Esperanza
Fondo Esperanza (FE) is a private non-profit organization that supports entrepreneurship by providing micro-credit and training to people living in poverty in well over 100 cities throughout Chile. By providing these services, FE aims to improve the living conditions of the entrepreneurs and their families. In 2010, FE provided loans to more than 41,000 entrepreneurs. It utilizes a communal banking model in which groups of 18 to 25 clients meet on regularly and guarantee each other’s loans. The members use their portion of the loan to create or expand their own businesses. In the group meetings, clients receive training though the FE Entrepreneurship School, which enhances clients’ personal and business skills and ability to work in groups.
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.