These ladies from Group 1 of Cristo Redentor Bank of Hope from San Pedro de Macoris are on their third loan cycle with Esperanza International. Francisca L. is their group coordinator. She is the mother of 5 children: ages 14, 12, 6, 3, and a 5-month-old baby. She has a beauty salon where she provides hair care for women. She will use this loan to purchase different kinds of hair products, including some high-quality hair product lines that she can charge a higher rate per service. Because she does all the salon work herself, Francisca has very little time to spend with her children. Luckily, her salon is in her own house. She dreams of providing a safe home for her children to live in and making her hair salon a modern facility where she can provide all kinds of beauty services.
Juana V. is the Group 2 coordinator. They are on their second loan cycle with Esperanza International. Juana has two different businesses: selling clothes and selling gasoline. She sells the clothes in her home, and she sells the gasoline on the road close to her house. The community roads are often small and it's hard to find gas stations, so it's easy for her to sell small quantities to the motorcycle drivers. She hopes to expand both businesses in order to provide a better quality of life for her family.
On behalf of Esperanza International, 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.