Mujeres En Desarrollo 1, 2 & 3 Group
Mercedes is excited to be taking her 5th loan with Esperanza after having successfully repaid her previous loan and grown her business. She has had her business for 5 years, starting by taking a technical class in upholstering. She operates an upholstery business. She plans to use this loan to invest in her business by buying fabrics, wood, and other items. She will use the profits to invest in her business. The Christmas season is better because people like to upholster their furniture and buy new furniture, too.
This Esperanza associate began with us because she needed capital for her business. Her story is representative of her group and of Esperanza's Haitian and Dominican clients generally, many of whom recently emigrated to the DR from Haiti. Her group is located in San Pedro D. Macoris, a city famous for baseball players and sugar cane industries. The main economic activities are a free traD. zone and a cement factory. This area, like nearly all impoverished areas in the Dominican Republic, suffers from unreliable running water (none of which is potable) and electricity which can't be counted on.
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