Total loan: $50,000

Grupo R5

Flag of Colombia
Bogotà, Bogota, Colombia / Services

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A loan helped Venezuelan refugees in Colombia finance motorbikes so they can work.

Grupo R5's story

This loan may have a higher risk but higher impact. Learn more here. Current political and economic circumstances in Venezuela have profoundly deteriorated, forcing a large number to flee their homes to Colombia in search of hope and prosperity. Colombia has welcomed 1.4 million Venezuelans. Unfortunately, Venezuelan migrants in Colombia lack access to work, education, health, and financial services. Access to bank loans is difficult due to lack of financial history and they are pushed towards loan sharks that charge interest rates of 50% per month. Delivery jobs are great alternatives for Venezuelan immigrants, but a motorcycle is needed and in most cases impossible to afford. Grupo R5 provides loans to immigrant and refugee Venezuelans to purchase a productive vehicle (i.e. motorbike), allowing them to earn regular income, establish a credit history, and use the vehicle as collateral to cover unplanned life events (medical expenses, education, etc). Grupo R5 wants to help immigrants fulfill the dream of establishing a new life with a decent standard of living. This Kiva loan of $50,000 will enable Grupo R5 to finance motorbikes for Venezuelan in Colombia, enabling them to work for the Mensajeros Urbanos (Urban Messengers) delivery app, earn steady income, and establish a credit history.