Valor Y Sacrificio Group
Through her hardwork and determination, Karen has been able to build her own house. Today, she pays the water, electricity, and telephone bills, while her husband takes care of the food costs and schooling for the children. Her plan for the future is to open a bookstore in her own house.
Karen belongs to the communal bank called "Valor y Sacrifico", which consists of 8 people. She has been the president for the past 8 months. She used her loan towards the purchase of merchandise for her business.
About EDAPROSPOEDAPROSPO 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.
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Success!! The loan was 100% repaid