Rosa, who is standing on the left of the photo and is wearing a t-shirt with green and black stripes and has her purse across her, belongs to Las Abejitas de Concepción communal bank. In this communal bank, the members sell clothing, do dressmaking, tailoring, and have grocery stores.
Rosa's business is selling high quality used clothing, which she learned from her mother who always sold clothing. She has spent 10 years in this business. All she wants is to be successful in her business, which is why she is asking for a loan. She wants to continue buying clothing and thus be able to sell to her customers who have asked for it, which is how she knows her business is doing very well.
She is very pleased to participate in Fondo Esperanza due to all the help they have given her.
Rosa, quien está de pie a la izquierda de la fotografía y viste polera a rayas negras y verdes y una cartera cruzada, pertenece al Banco Comunal Las Abejitas de Concepción. En este Banco Comunal los socios venden ropa, hacen costuras y confección y tienen negocios de abarrotes. El negocio de Rosa es la venta de ropa usada de primera calidad y esto lo aprendió de su madre quien siempre vendió ropa , y ella lleva ya 10 años en el mismo negocio. Ella solo quiere seguir adelante en su negocio es por esto que está solicitando el préstamo, ya que quiere seguir comprando ropa y así poder vender a sus clientes quienes le han solicitado, es por esto que sabe que le irá muy bien. Está muy contenta de participar en Fondo Esperanza por toda la ayuda que le han prestado.
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.