The group members are involved in a wiD. variety of businesses. To illustrate, Reinaldo and Alexander operate motorcycle taxis; Maria Manuela is the radio operator for a taxi company; Clementina and Lizeth sell Herbalife products; MatilD., Nelva, Pabla, Fernando and Gaby all sell food (e.g., prepared meals, bread, hamburgers and dry goods); Pabla is a domestic employee; and Elia sells straw mats.
Sra. S. says that group loans are an important source of economic support for people who cannot access individual loans at other institutions because those types of loans require guarantees. Two male members of the group, who operate motorcycle taxis, agree and say that they are grateful for AgroCapital's support.
Translated and elaborated by Cynthia McMurry, Kiva fellow
EL BANCO COMUNAL GIRASOL conformado por 14 socios, este grupo se reúne por la zona central D. la ciudad D. Montero en el barrio los mangales, la mayoría D. sus socios tienen pequeños negocios en sus hogares como apoyo para la familia, como el caso D. la Sra presidenta Nelva S. que tiene una venta D. abarrotes en su hogar como negocio alternativo pues ella es profesora e indica que estos créditos son un apoyo económico para los sectores que no tiene acceso fácilmente a los créditos por las garantías que exigen otras entidades, D. l misma manera los socios varones que trabajan con moto taxis indican que están agradecidos por el apoyo que les brinda AGROCAPITAL.
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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