Patricio appears on the right side of the photograph. He is crouched down and wearing a black leather jacket. Patricio is a member of the Communal Bank “Mar Brava”, which is located in Castro, Chiloé. Most of the members of the “Mar Brava” Communal Bank sell at the fair, but some have hair salons.
Patricio has been selling jewelry for more than 20 years. He started out selling gold, but that business was too expensive to maintain so he switched to selling gold and silver jewelry, hypoallergenic products, and perfumes. Patricio is grateful that he has always had success with his sales since he has built up a very good clientele. The money he is requesting will be used to buy more jewelry. He hopes to do very well since he is overloaded with requests, but he lacks the money to fulfill them.
What he enjoys most about working with Fondo Esperanza is getting to know people who have the same aspirations in life and are able to move forward.
Patricio, quien aparece al costado derecho de la fotografía, agachado y de chaqueta de cuero negra, pertenece al Banco Comunal Mar Brava, de Castro, Chiloé. En este Banco Comunal, Mar Brava, la mayoría de sus socios venden en la feria, y algunos son peluqueros. Patricio vende joyas, esto hace ya más de 20 años, comenzó vendiendo oro, pero estaba muy caro así que cambio su rubro a venta de joyas, de oro, plata e hipoalergénicas y perfumes. Agradece siempre haber tenido éxito en sus ventas, ya que se ha hecho de una muy buena clientela. El dinero que está solicitando es para poder comprar más joyas. Espero que le vaya muy bien ya que ha tenido hartas solicitudes y no ha podido cumplir con ellas por falta de dinero. Lo que más le ha gustado de trabajar junto a Fondo Esperanza es el hecho de conocer gente que tiene sus mismas pretensiones en la vida, de poder salir adelante.
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.