In the photo, Felipe appears on the right, wearing glasses and a blue and green striped shirt. He belongs to the “Jardín Esperanza de Lota” communal bank where members have diverse businesses such as clothing sales, grocery stores, bookstores, bakeries, and card stores. Felipe sells sushi. A year ago, he began making sushi for his friends until it occurred to them that they could sell their product to make extra money. This was how they began to sell, and one of his next challenges is being able to set up his business. He will use the funds he is requesting to purchase more supplies and a freezer. Sales have been going very well lately, and for this reason, he needs the funds as soon as possible so that he can continue selling his delicious sushi. Felipe says that what he likes the most about working with “Fondo Esperanza”, is being able to easily access credit.
Felipe, quien aparece a la derecha de la fotografía de lentes y polera rayada azul con verde, pertenece al Banco Comunal Jardín Esperanza de Lota. En este Banco Comunal los socios tienen diversos rubros tales como la venta de ropa, negocios de abarrotes, librerías, panadería y tarjeterías. Felipe vende sushi, comenzó hace un año con amigos haciendo sushi para ellos hasta que se les ocurrió poder vender para tener más dinero, fue así como empezaron a vender, es por esto además que uno de sus próximos desafíos es poder tener su negocio establecido. El dinero que está solicitando es para comprar más insumos y una maquina conservadora de alimentos. Durante este último tiempo le ha ido muy bien con las ventas es por esto que requiere lo antes posible el dinero ya que así podrá seguir vendiendo sus ricos sushis. Felipe cuenta que lo que más le gusta de trabajar junto a Fondo Esperanza es poder acceder de manera fácil al crédito.
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.