La Bendicion 2, 4 & 5 Group
Marta is excited to be taking out her 10th loan with Esperanza after having successfully repaid her previous loan and expanded her business. She has had her business for over six years, starting after the first loan she received from Esperanza Internacional. She plans to use this loan to invest in her business by buying pants, shirts, underwear and shoes. She will use the profits to pay for a lot that she acquired.
This Esperanza associate began with us because she needed to start up a business; a group was formed in her community and she was invited. 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 the rural area surrounding Hato Mayor, an agricultural area. This area, like nearly all impoverished areas of the Dominican Republic suffers from unreliable running water (none of which is potable) and unreliable 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