Nuevo Progreso 7 Group
Carmen plans to send her children to school, which is the reason why she is working hard, selling clothes from her house and by walking in her community and others nearby. She is excited to be taking her 18th loan with Kiva field partner Esperanza International, after having successfully repaid her previous loans and growing her business. She has increased her business, which she started with her first loan, when she sold a small quantity of clothes and other products. Now she sells more and sometimes she sells different products to expand her sales.
As a member of Esperanza, Carmen joined this borrower group that includes some of her very good friends. She says all of them are hard workers and dedicated to their businesses. She dreams of having a successful and established business. She thanks all of you for your support.
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