The Solidarios ("Solidarity") group bank consists of 14 partners who meet every two weeks in the Virgen de Cotoca zone on Santa Cruz Street in the tropical Santa Cruz region of eastern Bolivia. Their first loan having gone well, the group now wants to take out a second one, confident that they will continue to work well together. The group says that both the responsibility and the desire to work hard are helping them to develop their small businesses and support their families. Several of the women are teachers who have businesses on the side providing additional income to improve the lives of their families.
The group members are involved in a variety of businesses: Noel, Luis and Julio all drive taxis or motorcycle taxis; Raquel owns a copy shop; Teresa, Lucia, Liliana and Celia sell clothing and underwear; Cecilia sells bread; Nancy and Celia sell prepared meals, while Maria Noemi sells Yambal cosmetic products and Rodolfo runs a body shop. Most of the group members plan to use their Kiva loan to purchase more merchandise to sell, supplies for their businesses, or ingredients to make meals.
The group's president, Rosmeri B., is thankful for the support that AgroCapital has offered the group. She is committed to ensuring that all member obligations are met.
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.