Sonia Maria F. and Luisa Marte are group coordinators for the Las Flores Bank of Hope in Los Alcarrizos. Sonia has 7 children living in her home, and Luisa has 3 children in her home. El Progreso bank members have been participating in the Esperanza loan program for up to a year. Sonia will be using her loan to buy food products and inventory for her fried food stand and her variety store. For her variety store, Sonia will be specifically investing in buying bedding products.
Luisa's micro business is clothing sales. She purchases her wares in Santo Domingo, and brings them back to her community. Previous to taking out microloans, these women could not run their own sustainable businesses. Sonia was employed as a domestic worker, and Lusia in a factory. Neither women saw much of a future in either of those employment activities, and agree that working for themselves shows much more promise and more profit.
In the future, Sonia mentions that she would like to grow her business and upgraD. her home with cement block installation. Lusia would like to make similar improvements to her home, and perhaps expand her business venture into a cafeteria.
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.