Bank of Hope is starting its fifth loan cycle with Esperanza International. A large number of members in this group are Haitian immigrants looking for better opportunities than the ones available in their home country. The lack of employment opportunities available in their area have taken them to self-employment, which allows them to guarantee some income for their families, and in many cases, send some relief money to their families back home.
Maria V. is the representative for this group of five. She has been appointed by her mates to collect their payments and in general, she watches over the others and knows the general status of everyone's businesses. This is a position of much respect. Maria sells shoes and clothing. Her highest selling items are tennis shoes. She will use this loan to buy more tennis shoes and some clothing items that sell well, like jeans. Maria hopes one day to have her own store, where customers will come to her. This would allow her to have a more relaxed lifestyle and spend more time with her children.
Please support these entrepreneurs' businesses through this Kiva loan. Thank you!
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.