Sra. Ivonne holds the role of treasurer and member, and thanks to her the Bank met. She sells clothing in general, and is married with 4 school-aged children. Sr. Cesar is the secretary, and his business is the sales of clothing. He is divorced, but lives with two of his children.
These three people are the head of the startup bank, made up of 13 people who guarantee between them since they cannot count on a personal guarantee in order to be able to take out an individual loan. A large majority have their own mobile business, and the other 30% work with their own fixed business. A large majority do not have their own home. They are very hard-working mothers and fathers, since their business is their only source of income with which they can maintain their homes.
About EmprenderEmprender has been working in Bolivia since 1999. It is dedicated to becoming a key tool in the development of its clients and the improvement of their quality of life. Operating in three of Bolivia’s major cities – La Paz, Cochabamba, and Santa Cruz – Emprender offers both urban and rural clients the opportunity to obtain financial products tailored to fit their needs and businesses. These products include housing loans, salary loans, “opportunity” (short-term) loans, and higher education loans. To better the quality of life for its clients and non-clients through non-financial services, Emprender offers free medical consultations and health classes given by trained doctors.
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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Success!! The loan was 100% repaid