Baltazara started her business selling used clothing of her own initiative 7 years ago. Her children help her to operate the clothing shop, which is kept open between 8:00am to 5:00pm. During her free time she sells clothes as a street vendor. They are a family of real go-getters, honest and responsible.
She is asking for a loan to buy packs of clothing in contemporary styles so that she can attract customers and, in this way, increase her sales. Baltazara's financial situation has changed significantly since she received the support of FAMA's loans. Her goal is to improve her house so that she can expand her business. Baltazara has been a client of FAMA for many years and has made her repayments on time.
About FAMA:Honduras is one of the poorest countries in the Western Hemisphere with approximately 59% of people living below the poverty line. Familia y Medio Ambiente OPDF (FAMA OPDF) is a Honduran non-profit with no religious or political affiliation. FAMA’s mission is to provide quality and opportune financial services so that men and women have equal opportunities to develop their micro or small businesses, whether they focus on agriculture, manufacturing or services. FAMA operates 13 branches throughout Honduras and serves over 12,500 clients.
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.
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