A loan of $6,350 helped a member to purchase a hair-cutting tool.

Banco De La Fe De Parral Group's story

This communal bank is called "Banco de la Fe de Parral” [Parral's Faith Bank] and is made up of 17 entrepreneurs involved in various trades related to commerce, including hair cutting/styling and food preparation among others. They are all residents of the city of Linares.

Teresa, a member of the communal bank group who is located in the back row in the photo, second from the right, wears her dark brown hair long and loose. In addition she is one of the two tallest members of the group. She has been involved in the hair cutting and styling business for 13 years. She learned the trade at an educational center. She tends to her clients in her own home, where she provides hair cuts, coloring and styling. Therefore her hours are flexible, since her clients also call to inquire of her availability Monday through Sunday.

She purchases her supplies and the materials she needs from a specialty distributor of hair salon products where she receives discounts due to her being a long-time customer. With the loan she will purchase a hair-cutting tool. One of her goals is to have a shop established in her home's patio area in order to set up a beauty salon. She comments that she has already applied for a subsidy for the expansion of her home, and so will be able to bring her project to fruition quite soon.

Teresa lives with her husband and two children who are eight and three years old. One of her dreams of a personal nature is to have her salon set up, since by doing so she will be able to offer her family a better quality of life. She is very happy and thankful for the opportunity Fondo Esperanza is giving her, since it has allowed her to invest in her business.

Linares is an important urban center in the Maule region, located in the country's central zone. In this area agricultural production stands out significantly, as well as the wine industry in the ambit of exports. In particular, cereal crops (rice, wheat, corn and oats), vegetables (beets, cabbage, lettuce, chard and legumes) and fruits are grown. Linares is Chile's main rice-producing province; in fact, 78% of the nation's production of this grain takes place in this province, especially in the municipality of Parral.

In this group: Teresa, María Antonia, María , Nilfa, Jonathan, Jacqueline, María Angelica, Israel, Alonso, Sandra, Irene, Alicia, María Elena, Viviana, Angelica, Erika, Carolina

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Translated from Spanish by Kiva volunteer Meg Wolfe-Roberts

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