Chérubins Plus Group
Modest's business prospered, increasing his working capital to US$ 1500. In 2007, thieves broke into his shop and took of all his goods and the working capital. He closed the business and moved to Kinshasa.
From 2008 to the present he has sold cell phone minutes and soap made from palm oil with a capital of US$ 150. His vision is to open a small factory to produce soap to meet people’s need in his area.
Modeste is 53 years old, married and has seven children between the ages of 12 and 30. Six of them are students and one is independent.
About HOPE DRCHOPE International has been providing small business loans and savings services to thousands of entrepreneurs in DRC since 2004. HOPE DRC targets small business owners who can use loans to increase their inventories or invest in assets that have the potential to increase their incomes. Funds from Kiva lenders play a major role in expanding access to affordable, flexible capital for micro-entrepreneurs, 80% of whom are women.
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.
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Success!! The loan was 100% repaid