Los Lirios (The Irises) Group
Clarita Florentina (3rd from left) is 26 years old and migrated to San Miguel Dueñas from another part of the country because of the lack of opportunity in her hometown. She is married and has three small children, one of whom is in school. The others are still too young to go to school. She and her husband rent their home. She runs a small store, and her profit from this store is the largest source of income for the family. She opens the store at 6 AM and closes it at 10 PM.
Because of her inexperience in the business world, her store has struggled in the past. She is looking forward to the financial education and business advice that Namaste will provide to her along with her loan, so that she can do a better job of handling her money and managing her store. With her loan, she intends to buy fruit, fruit juices, and other items that her customers want which she does not currently have in the store. Currently, her profit is around $357 USD and her dream is to work up to a profit of about $800 with her new skills and the additional supplies she plans to buy. This additional profit will ensure that her two younger children can go to school when they are old enough.
More information about this loan
In addition to a micro-loan, through its Business Development Program, Fundacion Namaste Guatemaya, provides its borrowers with the business support that will help their enterprises grow.
Namaste provides financial literacy, business education, cash flow analysis, and opportunities for entrepreneurs to to share experiences and best practices. The capstone of their model are Business Advisors that provide each borrower with one-on-one mentoring.
Namaste measures it success through the increase in profits of its borrowers. Of the more than 900 Namaste borrowers who have completed the business development program, on average their profits increased by 41%. Namaste clients are averaging USD2.50 per hour vs the Guatemala minimum wage of UDS1.00.
About Fundacion Namaste GuatemayaFundacion Namaste Guatemaya (Fundacion Namaste) is a non-profit organization in Guatemala that focuses on empowering women with microloans and mentoring. Its flagship program is the Namaste Business Development Program (NBDP), which combines personalized mentorship, financial literacy and customized microloans to help women entrepreneurs formalize their business models and increase their profits.
To date, approximately 1,000 women have completed the NBDP program, and over 500 women are actively enrolled. Kiva lenders’ funds enable Fundacion Namaste to reach even more women in Guatemala, particularly in rural and idigenous communities.
Fundacion Namaste 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