Sofía is wearing a white jacket, seated on the right side of the second row in the photo. She belongs to the " Abriendo Caminos" communal bank in the city of Concepción. The businesses of the members are mainly: market sales, selling tires, sewing, high-end tailoring. selling rope and operating a mechanic's shop.
Sofia has a small undertaking, in the form of a cleaning business. She has been in business for two years after having spent ten years working for a cleaning company. With a lot of effort she has bought second-hand machines for her business.
Sofia notes that she has not had any major difficulties and that she needs the money to buy materials like carpet cleaner, rollers, paint stripper, wax remover, industrial wax and floor cleaner. She is very pleased and excited to get the money because she knows it will help her business. What she likes most about working with Fondo Esperanza is being able to find the support and help necessary for the businesses of Fondo Esperanza members..
Sofía, quien en la fotografía aparece al costado derecho sentada en la segunda fila con chaqueta blanca, pertenece al Banco Comunal Abriendo Caminos de la ciudad de Concepción. En este Banco Comunal los rubros de los socios son principalmente venta en las ferias libres, venta de neumáticos, costura, confección de alta escala, venta de ropa y taller mecánico. Sofía tiene un pequeño emprendimiento, es una pequeña empresa de aseo. Hace 2 años que está con su emprendimiento, y esto se le ocurrió ya que ella trabajó 10 años en una empresa de aseo, con mucho esfuerzo ha comprado maquinarias de segunda mano para su pequeño negocio. Comenta que no ha tenido mayores problemas, y que necesita el dinero para poder comprar materiales tales como shampoo de alfombras, rodillos, decapante o removedor de cera, cera industrial, y un mantenedor. Ella está muy contenta y expectante a poder recibir el dinero porque sabe que le irá muy bien con su negocio. Lo que más le ha gustado de poder trabajar junto a Fondo Esperanza es el hecho de poder encontrar apoyo y ayuda necesarios para los negocios de las personas que son parte de Fondo Esperanza.
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.