Unidas Venceremos Ii Group 1 & 2
Martira is excited to be taking her 10th loan with Esperanza after having successfully repaid her previous loan and grown her business. She has had her business for 2 years, though she has been selling clothing for more than 5 years, starting with the loans she received from Esperanza. She plans to use this loan to invest in her business to buy a display case to show her candies and also she needs to invest in clothes. She will use the profits to buy school supplies for her children and to save because she wants to buy land and build her home.
This Esperanza associate began with us because the loans are to do business, and her story is representative of her group and of Esperanza's Haitian and Dominican clients (many of whom recently emigrated to the DR from Haiti) generally. Her group is located in Samana, a lush rugged peninsula with a nascent tourism industry. This area, like nearly all impoverished areas of the Dominican Republic, suffers from unreliable running water (none of which is potable) and inconsistent 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