In 1998, Mado decided to change her business by starting to sell rice, semolina and vegetable oil. Most of her working capital was focused on semolina because of the profit it was generating. Unfortunately, in 1999 many companies closed in DRCongo due to the war and insecurity, including those that were producing Mado’s goods. So her business regressed until 2007 when she re-launched it, offering new types of products. She began selling women’s slippers, vegetable oil, and corn flour.
After learning through her friend about Hope’s loan program, she decided to join one of its groups in May 2008. Mado has already received two loans from Hope that she repaid correctly. Currently, her working capital is about $170. With her next loan she is planning to purchase 28 10kg sacks of corn flour to increase the inventory of her business. Mado’s dream is to do corn and manioc farming and be a provider of those products in her area. She runs her business in the northern and most populated area of Kinshasa.
About HOPE DRCHOPE International has been providing small business loans and savings services to thousands of entrepreneurs in DRC since 2004. HOPE DRC targets small business owners who can use loans to increase their inventories or invest in assets that have the potential to increase their incomes. Funds from Kiva lenders play a major role in expanding access to affordable, flexible capital for micro-entrepreneurs, 80% of whom are women.
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.
About Congo (Dem. Rep.)
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Success!! The loan was 100% repaid