Teresa is a member of the Communal Bank Los Cisnes in Castro. She can be seen in the photo at the back in the middle, with a broad smile and dressed in black. The most important lines of business in this organization are the sale of second-hand clothes, cloth, groceries, imitation jewelrey and vegetables.
Teresa has been selling American clothes for almost a year. She started out of necessity, but when she started things went quite well, although she has had hard days when she has not sold anything. The loan she is asking for is to buy new clothes because she has customers who have been asking for it. It is a great challenge for her and she hopes that she will enjoy success with the sale of new clothes. What she has liked the most about working alongside Fondo Esperanza is the support and help that she has been offered.
Teresa, quien aparece con una amplia sonrisa al fondo vestida de negro y en medio de la fotografía, pertenece al Banco Comunal Los Cisnes, de Castro. En este Banco Comunal los rubros más importantes son la venta de ropa usada, tejidos, negocio de abarrotes, venta de joyas de fantasía, y venta de verduras. Teresa vende ropa americana, lo hace casi un año, y empezó solo por necesidad, y cuando empezó le iba muy bien pero ha habido días difíciles en donde ha vendido nada. El préstamo que solicita será para comprar ropa nueva, ya que tiene clientas que le han solicitado, es un gran desafío que ella tiene y espera que le vaya muy bien con la venta de ropa nueva. Lo que más le ha gustado de trabajar junto a Fondo Esperanza es el hecho de encontrara apoyo y ayuda.
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.