Perlas Preciosas San Pedro Group
Petrona, who is married with four children, is a motivated member of the Trust Bank. As the family is quite large and her husband’s earnings are not enough, Petrona has a clothing store. She is also a nurse. Petrona is starting her first loan cycle with Friendship Bridge and is requesting a loan which she will use to buy clothing to resell, including pants, shirts and tee shirts. She also sells traditional clothing. Petrona is most aware that this is a perfect time to sell to the influx of visitors that come to San Pedro at this time of the year because it is the “Fair of the Villages”, and sales will increase. She wants to realize increased income by having enough inventory.
The women in the Trust Bank are very aware of the value of education and its impact on themselves and their children. Petrona has a daughter who is about to graduate from high school this year. The women have had little or no education. They are most pleased not only to receive financial capital in the form of the small loans but also to participate in the non-formal educational component of their monthly meetings. A Friendship Bridge Loan Officer joins the ladies and shares information about business and money management, marketing, pricing and customer service. They also learn about women’s health, self esteem and domestic violence. The combination of the loans and education is called “Microcredit Plus” and it is unique to Friendship Bridge.
All of the ladies in the Trust Bank look forward to empowering themselves and eliminating poverty in their lives. The support of KIVA investors and Friendship Bridge is so very valuable and the women are most appreciative. Thank you to each KIVA investor!
About Friendship BridgeThis loan is administered by Friendship Bridge (FB), a nonprofit, nongovernmental organization that empowers thousands of impoverished Guatemalan women through its Microcredit Plus program. The program combines small loans averaging US$350 for four-to-twelve month loan terms with non-formal, participatory education.
As FB clients, women start, expand, or diversify their businesses and learn practical lessons on topics including business, health, and self-esteem. FB’s clients borrow as a group, forming Trust Banks (groups of 7-25 women who serve as co-guarantors of the loan and act as a self-regulating support network).
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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This loan has been fully funded!