Fifty-three-year-old Antonia is married and has three children, one of whom is still her dependent. She has sold slippers for a living for over 20 years and she has been making sweaters for six months as a second business. Through her effort and work she has been able to build her home and give her children an education. Currently, she is using her investment to pay for clothing costs and utilities while her husband covers food expenses. Her plan for the future is to buy more machines for her business' production. She used her loan to buy materials to make her products. Antonia belongs to the San Carlos Communal Bank, which is make up of seven people and of which she has been the president for four months.
La Sra. Antonia de 53 años de edad, es casada y tiene 3 hijos de los cuales 1 aún depende de ella. Se dedica a la venta de zapatillas desde hace más de 20 años y como segunda actividad se dedica a la confección de chompas desde hace 6 meses. Con su esfuerzo y trabajo ha logrado construir su casa y dar educación a sus hijos. Actualmente su ingreso lo destina a cubrir los gastos de vestimenta y pago de servicios, mientras que su esposo cubre los gastos de alimentación. Ella destinará el crédito para la compra de materiales con los cuales pueda fabricar sus productos (chompas). Antonia pertenece a la alcancía comunal “San Carlos”, el cual esta conformado por 7 personas y lleva el cargo de presidenta desde hace 4 meses.
EDAPROSPO seeks to use micro-credit to foster productive commercial activity for the sake of economic and social development within vulnerable urban and rural sectors traditionally neglected by commercial banks. By offering innovative products such as technical education loans and microfinance groups for young people, EDAPROSPO helps disadvantaged Peruvians lift themselves out of poverty.
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.