Mujeres Con Futuro Group
The community in which this microfinance bank is located has suffered greatly over the past two years. Less than two years ago, tropical storm activity and rapid flooding destroyed all the member’s homes; in the community and hundreds were killed. The Dominican government has since provided a new housing community for these affected. The bank members have been living for less than nine months in government-funded housing and are beginning the process of reestablishing their business activities.
Gladys, a mother of three (ages: 18, 12, 3) is one of the coordinators for this group in the city of Santiago. Gladys runs a nail salon and hopes to use her first microfinance loan from Esperanza to buy the materials that she needs for her business, including hand creams and a fan. Each day, Gladys serves between 2-4 clients and dreams of expanding her business so that she may continue to provide for her family.
Other members of Gladys’s bank run similar entrepreneurial activities, including "colmados," which are small grocery stands and clothing sales.
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.
About Dominican Republic
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Success!! The loan was 100% repaid