Pedro is the leader of the community bank named “Classe Source de Vie Plus” which is composed of 36 microentrepreneurs. These members are united in the same goal: to grow their businesses by loans received from Kiva through IMF HOPE DRC.
Pedro is 45 years old. His main activity is to sell soft drinks. He buys crates of soft drinks and resells them at a profit. He sells his products daily in his area.
Pedro started his business in 2002. He is very excited to be one of the IMF HOPE DRC’s clients. His next loan will allow him to buy crates of soft drinks and resell them at a profit. Pedro makes a profit of about US$18 per day. The aims of this loan are mainly for strengthening the working capital of his business and expanding in the near future to a facility to keep soft drinks for reselling. Pedro is married and takes care of two nephews.
About HOPE DRC
HOPE International has been providing small business loans and savings services to thousands of entrepreneurs in DRC since 2004. HOPE DRC targets small business owners who can use loans to increase their inventories or invest in assets that have the potential to increase their incomes. Funds from Kiva lenders play a major role in expanding access to affordable, flexible capital for micro-entrepreneurs, 80% of whom are women.
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.