The president of the bank is Rilda. She is 33 years old and has two children, a seven-year-old and a 10-month-old baby. She makes a living selling books. She sells her products at various markets in the city of La Paz. This is her first loan at the institution. Rilda will use this loan to buy books at wholesale and stock her business as classes are starting again soon and there is a lot of demand at this time.
She requested this loan to increase her merchandise. Rilda faces many challenges in her business including the competition. She will use the loan to continue purchasing merchandise and generate more income. She is happy and grateful that she has been given the chance to improve her business as well as for her fellow group members, who in many cases, are getting their families ahead by themselves.
About EmprenderEmprender has been working in Bolivia since 1999. It is dedicated to becoming a key tool in the development of its clients and the improvement of their quality of life. Operating in three of Bolivia’s major cities – La Paz, Cochabamba, and Santa Cruz – Emprender offers both urban and rural clients the opportunity to obtain financial products tailored to fit their needs and businesses. These products include housing loans, salary loans, “opportunity” (short-term) loans, and higher education loans. To better the quality of life for its clients and non-clients through non-financial services, Emprender offers free medical consultations and health classes given by trained doctors.
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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Success!! The loan was 100% repaid