Los Girasoles Group
Olga (pictured in the second row, with a blue jacket and ginger hair) is the president of this group. She operates a fast-food business (selling completos – the traditional Chilean hotdog, churrascos – lean steak sandwich, pizzas, empandadas, French fries y sopaipillas – fried dough, etc.) and drinks (alcoholic and non-alcoholic). Olga also caters for club de rayuela (a typical Chilean game) gatherings. Olga and her husband have been catering for these types of gatherings for the past three years from Thursday through Sunday.
Olga will invest her loan in merchandise and various food products and drinks for her business. Prior to running her fast-food establishment, Olga was selling clothes and Avon products as well as producing chocolates and her own embroidered curtains. Olga has three children, two grown men (20 and 16) and an 11-year-old daughter.
Olga’s goal is to finish paying her bank loan. She is motivated to work as this will not only increase her earnings but lift her spirits. Olga is also saving to refurbish her son's computer as it is no longer working. Olga enjoys working with Kiva partner, Fondo Esperanza, as the payment schedules are weekly and this helps her get out of debt swiftly. Olga has also benefited from the entrepreneurship sessions as she now knows how to invest her earnings and price her products.
San Bernardo is a city located 18km directly south of the Main Plaza of Santiago (the capital of Chile). San Bernardo’s population is mostly middle to low income workers who live in residential neighborhoods.The economy is based mainly on trade. The city also contains places of public recreation such as gyms, social clubs, restaurants, soda fountains and tea rooms.
About Fondo EsperanzaFondo Esperanza (FE) is a private non-profit organization that supports entrepreneurship by providing micro-credit and training to people living in poverty in well over 100 cities throughout Chile. By providing these services, FE aims to improve the living conditions of the entrepreneurs and their families. In 2010, FE provided loans to more than 41,000 entrepreneurs. It utilizes a communal banking model in which groups of 18 to 25 clients meet on regularly and guarantee each other’s loans. The members use their portion of the loan to create or expand their own businesses. In the group meetings, clients receive training though the FE Entrepreneurship School, which enhances clients’ personal and business skills and ability to work in groups.
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