"Las Vecinas" is a group of 15 people hoping to receive a loan. For many members of this group it will be the first loan they are taking out. Many don't have a form of income and are living in extreme poverty. Martina E. is the representative of this group and is one of the members who has received a loan in the past. She is the leader of the group because she has been very successful in her small business and someone the others can come to for advice. Martina has two young children and is dedicated to send them to college. She is on her 6th loan cycle and excited to keep on increasing the size of her business. She has a business selling jewelry and specializes in wedding rings and other promise-type jewelry. She finally feels able to proviD. for her two children, and for the first time in her life, feels like she can get out of her situation. She dreams of traveling and owning her own thriving jewelry business. Her main goal is preparing her children to get out of their poverty and giving them all the necessary education. Everyone is the group is excited for this next step and ready to change his or her life!
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.