6 De Agosto Group
The president of the bank is Elena, who is 23 years old. She earns her living selling cosmetics through a catalog. She is a promoter of beauty products and is a traveling salesperson, visiting public and private institutions, various neighborhoods and homes offering her products.
This loan is her first sequence with the institution. Elena will use this loan to buy cosmetics on promotion to have in stock for her business.
Her reason for asking for this loan is to have a variety of products to satisfy her clients. Elena faces challenges in her business, which are serving her clients efficiently.
She will use the benefits to improve her family's quality of life. This is the only activity which allows her to maintain and move forward alone. In many cases, her companions in the group are also supporting their families alone.
About EmprenderEmprender has been working in Bolivia since 1999. It is dedicated to becoming a key tool in the development of its clients and the improvement of their quality of life. Operating in three of Bolivia’s major cities – La Paz, Cochabamba, and Santa Cruz – Emprender offers both urban and rural clients the opportunity to obtain financial products tailored to fit their needs and businesses. These products include housing loans, salary loans, “opportunity” (short-term) loans, and higher education loans. To better the quality of life for its clients and non-clients through non-financial services, Emprender offers free medical consultations and health classes given by trained doctors.
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