The members of the Nuevo Progreso (New Progress) Bank of Hope are requesting their 6th loan through Esperanza International. They've reached a level of stability in their sales and have also built a faithful clientele that keeps their businesses sustained.
Pura C., the group representative, sells clothes. She will use this loan to buy a "paca", which is a bundle of clothing that contains a number of items. The paca can have used or new clothes. Sometimes it has only one type of clothes (for example, clothes meant for children) and sometimes mixed. Pura has two children, aged 8 and 11, and she hopes to keep providing for them as she has always done. She dreams of setting up her own store, where she can sell clothing for women, men and children.
Please help us to continue supporting these entrepreneurs. 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.