Banco Mujer Hacia El Futuro Group
Several years ago she needed to help her mother and siblings to get ahead. That is when she started her small business. She sells women’s clothing in an itinerant manner in her community and outlying areas.
Also, Abigail studies in the evenings, and she is getting her high school degree for older students.
This is the third loan that she is requesting. She will use it to buy clothes to sell during this coming high season. The previous loans allowed her to consolidate her business and increase her customer base because she had more merchandise to offer.
Her goals for the future are to have a small store, to complete high school, and to be able to attend the university.
Nine other members join her in the group, and they are going to invest in their commercial and agricultural business activities.
More information about this loan
In Costa Rica, funding for microfinance institutions is hard to come by, and many institutions find themselves having difficulty growing and reaching all the demand for loans that exist. Kiva works with Fundacion Mujer because it attends a very marginalized population in Costa Rica, with a specific focus on women. In addition to the loan, Fundacion Mujer provides specialized training programs for their borrowers on everything from computer classes to salon training. Because of the difficulty in obtaining capital in Costa Rica, Fundacion Mujer cannot serve all the women that need loans. Therefore Kiva plays a unique role in helping Fundacion Mujer grow its portfolio and reach borrowers it otherwise would not be able to.
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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This loan has been fully funded!