Union Por El Progreso 2 & 3 Group
Pilar is excited to be taking her 8th loan with Esperanza after having successfully repaid her previous loan and grown her business. She has had her business for more than 5 years, starting with a small amount of money that she saved to start a business. She plans to use this loan to invest in her business by buying charcoal, baked foods and candies. She will use the profits to help her children, to save and finish building her house and she is planing to finish her high school studies.
This Esperanza associate began with us because, she says "I really like what Esperanza offers". Her story is representative of her group and of Esperanza's Haitian and Dominican (many of whom recently emigrated to the DR from Haiti) clients in general. Her group is located in the rural areas surrounding Hato Mayor, an area where the economy is dominated by agriculture. This area, like nearly all impoverished areas of the Dominican Republic, suffers from unreliable running water (none of which is potable) and electricity.
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.
About Dominican Republic
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Success!! The loan was 100% repaid