Flor, who is the second woman sitting starting from the left, is a member of the Communal Bank La Esperanza del Futuro, in Cañete. Its members run different businesses, including hairdresser, dressmaking, cosmetic sale and fabric sale. Flor sells dough, tortillas, murtillas (the fruit of the myrtle), nalca (an edible plant), toasted flour and hazelnut flour, but her best selling item is "mote con huesillo" (traditional Chilean summer-time non-alcoholic drink made from wheat and peaches), which she sells in a street stand or going door-to-door. She started in this business approximately 30 years ago with an aim to support her children. She learned to cook from her mother, who also worked selling food.
One of her dreams is to get ahead and support her grandson, who is under her responsibility. She also wants to learn how to read and would like to start selling slippers in her stand.
She will use the loan to buy supplies, such as sugar, spoons, plastic cups, sun-dried peaches, a cooler, sunshade and a folding table. Things have gone well with her business so far and she says that what she likes the most of working with La Esperanza is the financial support they receive.
Flor, quien aparece sentada de las segundas de izquierda a derecha, pertenece al Banco Comunal La Esperanza del Futuro, de Cañete. En este Bancos sus socios tienen variados negocios tales como peluquería costuras, venta de cosméticos, y venta de géneros. Flor vende pan amasado, tortillas, murtillas, nalcas, harina tostada y de avellana pero su fuerte es la venta de mote con huesillo, el cual vende en un puesto que tiene en feria y también casa por casa, el cuál comenzó hace 30 años aproximadamente para poder ir en ayuda de sus hijos; todos los manjares que hace se los enseño su madre quién también vendía. Uno de sus sueños es poder seguir adelante y sacar adelante a su nieto, del cual ella se hace cargo y también aprender a leer, además de que pronto quiere agregar también la venta de zapatillas a su puesto en la feria. El dinero que está solicitando lo ocupará para comprar insumos como azúcar, cucharas, vasos plásticos, huesillos, un Cooler, quitasol y mesa plegable. Le ha ido bien con la venta de sus productos. Y cuenta que los que más le gustado de trabajar junto a fondo esperanza es la ayuda con el dinero que le otorgan.
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.