La Fe 1, 2, 4 Group
Marie is excited to be taking out her fourth loan with Esperanza after having successfully repaid her previous loans and grown her business. She has had her business for two years. She plans to use this loan to purchase blue jeans and women's shoes. She will use the profits to buy some clothes for her children for Christmas and to invest in her business.
This Esperanza associate began with us because of "the respect that Esperanza offered to us and the type of program that we receive." Her story is representative of her group and, generally, of Esperanza's Haitian and Dominican clients (many of whom recently emigrated to the Dominican Republic from Haiti). Her group is located in the rural areas surrounding La Romana, where the sugarcane harvest and tourist industry dominates the economy. 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