“Mujeres Luchando Por El Progresso”, or Women Fighting for Progress, is a group of ten entrepreneurs seeking additional loan funds from Esperanza International. The group’s past loan has been successfully repaid, and the group hopes to use additional loan funds for further business expansion. Altagracia is one of the coordinators for this group in Santiago.
Altagracia, mother of three (ages: 7, 5, 2), operates a “colmado” or small food stand selling Dominican staple foods such as rice, oil, bread, and sugar. Due to Altagracia’s established clientele base she is able to sell her food items on credit to her customers and collect the money in installment payments. This makes it easier for her customers to purchase the food items they need. Altragracia wants to see her business grow so that she can continue to provide for the physical needs of her three children and husband.
Other members of Altagracia’s bank run similar entrepreneurial activities including bean, undergarment, and shoe sales as well as a restaurant and beauty salon.
On behalf of Esperanza and this group of business entrepreneurs, we would like to thank you for your support!
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.