Group 3 from Las Reinas Bank of Hope is starting their entrepreneurship adventure with Esperanza International. This is their first loan. They live in Los Guaricanos, a large neighborhood in the northern part of Santo Domingo. Because it is so isolated from the city, employment opportunities are very scarce. People who work in the city have to commute long distances, relying on a very deficient public-transportation system. Under these circumstances, a lot of people have decided to start new businesses and become self-employed.
Emilia H. and EsteL. V. are two of the group members. Emilia is 54, has no children and sells personal-care products. Emilia did not have the opportunity to attend school. EsteL. is 28 and single, with four children that depend completely on her. She runs a small butcher shop. She dreams of making her shop grow so she can become a meat supplier for larger markets.
Thank you for helping these entrepreneurs in their initiatives to build a better future for themselves and their communities!
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.