Yolanda is part of the communal bank “Vida Nueva” (New Life) and resides by the commune Longaví. For the past year and a half Yolanda has been running a small grocery store of non-perishable goods from her house. Before this Yolanda worked in her mother´s business of leasing costumes. Her husband, who is also a borrower of Kiva partner Fondo Esperanza, sells coal and vegetables from a cart (a horse-drawn carriage) in the commune of Longaví.
Yolanda and her husband are parents to a 4 year old daughter and her husband has two other young daughters from a previous marriage.
With this loan Yolanda will purchase non-perishable merchandise to stock the grocery store and also sweets to sell.
Yolanda´s house suffered some damage from the last big earthquake (February 27, 2010) causing one of the walls of the house (which is made of adobe) to lean out of place only being sustained by the other side wall. Fortunately, Yolanda has the money to make the repairs but is waiting for the warmer weather, as making the repairs would open would expose her entire house.
For Yolanda it has been helpful to work with Kiva partner Fondo Esperanza, and she likes the system of weekly payments as she feel she gets out of debt more quickly and can still see some gains, too. Yolanda is also grateful for the disposition of her loan officer.
Longaví is a commune in the Maule Region of central Chile. Its name in Mapudungun (the Mapuche language) stands for “snake head.” Primarily a farming community, it is situated between mountains, foothills and mountains of lush natural beauty, with its highest point being Mount Longaví, with an altitude of 3,242 meters.
About Fondo Esperanza
Fondo 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.