Las Legionarias Group
Each of the group members has his or her own business: some sell clothing, cosmetic products, food, white majao (a traditional dish from eastern Bolivia maD. with jerky, sausage, bananas, tomatoes, rice and yucca), and medications; others work as radio taxi drivers, manicurists, or cell phone company reps; and some do filming and proviD. amplification services. Most have between one and five years of experience in their respective businesses, though some have as many as 15, and Teofilo has 20 years of experience as a musician! The group members say they will use this loan to buy more raw ingredients with which to make their products or to buy tools or equipment to use in their businesses.
Most of the group has previous experience with group loans at other Bolivian microfinance institutions. They have promised to make all of their payments on time, as scheduled.
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