El Milagro Group
The group is call El Milagro (“The Miracle”), and is currently in its 9th loan cycle, with an excellent credit rating. The group is made up of 19 hard-working women, who strive their hardest to improve their quality of life, both for themselves and for their families. All of the group members are hard-working women and have invested their loans in their respective businesses.
One of these women is Mrs. Dionicia C., who sells “yuyo” remedies (natural herbs used in teas for certain ailments). She sells these remedies in the local market, where she has a small stand. She starts working very early each morning in order to offer her products to her clients. Her work requires a lot of sacrifice, but she is grateful for her job, because it helps support her family and allows her children to go to school and get ahead in life. She is thankful to Fundación Paraguaya for this loan, which she will use to buy certain products her clients have requested, like natural skin creams, natural cough syrups and other items.
About Fundación ParaguayaFundación Paraguaya is a financially self-sustaining social enterprise that promotes entrepreneurship in urban and rural areas through microfinance, education programs, and more. Its focus on agriculture has helped many farmers boost their crop yields. And a number of other borrowers have taken out loans to start and grow social businesses that have helped deliver eyeglasses, medicines and other helpful services in their local communities.
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