Nuevo Esfuerzo 1 & 3 Group
Yennifer is a young woman, still single and without children. She is dedicated to working in her business to support herself and to help her parents. She says that her biggest challenge is to finish studying in the university – she started years ago but needed to stop. Now she is planning to make better profits after investing this loan to buy different products and expand her customer base. She is selling a well-known brand of cosmetic products, which sell through catalogs. Her customers order what they need and Yennifer buys different products to have as her own inventory.
Yennifer dreams of having her own house and a big and sustainable business so she could have everything she wants. She is grateful to have her family too. All the members in this group are taking loans to improve their businesses and lives. The group members are located in the urban slums surrounding Samana.
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