Teresita is 40 years old and lives with her husband and her two grandsons in a little household that has been in her family for four generations. During her childhood, her father introduced Teresita into the family business of lemon harvesting. Now Teresita and her husband are the ones in charge of running the family business. Fortunately the income they earn from selling lemons is enough for the maintenance of her household and her family, but still Teresita hasn't been able to get access to the electric grid. A friend of hers allows them to use her electric hanging wires to get light during night, but Teresita knows this is a dangerous act and doesn’t want her husband or either of her grandsons to get hurt when they need light. That's why Teresita dreams about purchasing a solar home system with her life savings to help her family. By doing this, her beloved family members can stop risking their lives every time they need light during the nighttime.
About IluMexicoIluMexico is a hybrid social enterprise that provides clean energy via solar-powered home systems in off-grid communities in Mexico. Kiva loans enable low-income households to purchase these systems. By lending to borrower groups that cross-guarantee each other, IluMexico is able to reach far more borrowers who do not have the collateral or credit history to get a loan from a formal financial institution.
This Kiva loan will be used to provide borrowers with needed goods or services, as opposed to cash or financial credit.
IluMexico joined Kiva through our Experimental Partnership Program, and has therefore received a lighter level of due diligence. Accordingly, loans associated with this partner carry a higher level of risk than typical Kiva loans.
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