Vera Cruz Group
Competition at the commercial level and in product sales is high because there are a variety of products available in a range of prices. Because of this, the group members have to work hard to make their businesses successful by making clothing that follows changes in the market. The loan will be used for buying materials such as fabrics, for merchandise such as grocery items to increase stock, and replacement parts for their cars. This will help the members improve their incomes and therefore be able to proviD. their families a better quality of life.
The group members have experience from working with previous groups formed by other institutions, so they are familiar with the concept of working in solidarity lending groups and they know how to work together for increased benefit.
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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