Total loan: $6,225

Nuevo Horizonte (Portoviejo) Group

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Portoviejo, Manabí Province, Ecuador / Retail

Nuevo Horizonte (Portoviejo) Group's loan finished fundraising,
but these similar borrowers just need a little more help to reach their goals!

A loan helped to stock her retail sales business.

Nuevo Horizonte (Portoviejo) Group's story

The members of the Nuevo Horizonte community bank meet twice a month in Portoviejo, one of Ecuador's most important commercial centers. The members--9 women and 3 men--banded together to raise funds that they will use to improve their small and mostly informal businesses.

Our featured member, Merly, 56, is married and has three grown children, one of whom still lives at home. Her husband has a taxi business. Doña Merly had a tailoring business before but gave it up for health reasons. She has a business buying and selling clothing, sheets and bed covers now and says that it suits her better. She started the business three years ago with a previous loan and sells her merchandise door to door and, for those customers she knows well, from her home. She sells on credit and collects from her buyers twice a month.

Doña Merly is applying for a loan that she will use to stock her business with clothing, sheets and bed covers. This is the group's first round of funding. (Doña Merly was a member of another community bank before.)