Agripina, a married 55-year-old woman, works in textile production, mostly crafting beautiful typical skirts called “cortes.” She delivers to her clients each week and has two full-time employees. At this time, Agripina is requesting a new loan from Friendship Bridge that she will use to purchase a variety of good quality threads and yarn. Since the year-end holidays are quickly approaching, Agripina wants to fill existing orders as well as additional incoming orders.
One of her three children is starting college next year and this is motivating her to work diligently before the year ends so that she can have enough extra funds to help him with educational fees. A common goal among the women in Friendship Bridge Trust Banks is to have enough money so that their children can attend school, an opportunity that many of them missed. Agripina shares, “I could only study for three years, but I will encourage my children to reach college. I will do my best to help them because I know that it is so important. Because of my business and the income it provides, I think this is a real possibility.”
The seven women of the Fatima Trust Bank greatly appreciate the opportunity to receive this new financial capital for their businesses. Empowered with their funds and a little education on subjects like business management, family health and self-esteem, they are poised to realize a better life benefiting themselves, their families, and their community!
About Friendship BridgeThis loan is administered by Friendship Bridge (FB), a nonprofit, nongovernmental organization that empowers thousands of impoverished Guatemalan women through its Microcredit Plus program. The program combines small loans averaging US$350 for four-to-twelve month loan terms with non-formal, participatory education.
As FB clients, women start, expand, or diversify their businesses and learn practical lessons on topics including business, health, and self-esteem. FB’s clients borrow as a group, forming Trust Banks (groups of 7-25 women who serve as co-guarantors of the loan and act as a self-regulating support network).
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