The Bank of Hope "Maritza Mercedes" is located in El Seybo. Group 8 has just gotten approval on their third loan. All members of this group will be investing their money directly in merchandise purchases. Sandra M. is the group representative. Her business consists of selling shoes.
In the future, these micro-entrepreneurs state that they'd love to see better lives for their children, good health-care and education, they'd like to grow their business ventures further, and some would like to continue their own studies (at the secondary and university level). Sandra has set herself the goal of building her own house.
The picture provided shows these group members gathered at the Esperanza office in El Seybo.
Thank you for supporting these entrepreneurs!
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.