Andrea has a bookstore and sweetshop where she also has binding, laminating and photocopying services. She has had her business for five years, she started it when her husband lost his job and she found a half-day job that didn't pay much. She saved a little from this money and with that saved money she could start buying little things to start setting up the business. Recently her husband has again found himself out of work, so she must again focus on helping her family with the money she makes. But she faces a challenge of trying to get a machine for printing passport-sized photos, since on the island where she lives there is no such machine.
The money she is requesting is to buy spiral binding, laminate, and products for her bookstore and sweetshop. She knows that it will work out well for her since she has been able to give peace to the people who live with her, becasue her business is the only one nearby to get photocopies. She is very happy and grateful for the help that Fondo Esperanza has given her.
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 EsperanzaFondo 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.
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