Gloria is one of the members of the Grupo La Buena Nueva (The Good New) 4, located in the city of Samana. This group is composed of five micro-entrepreneurs who sell clothes, shoes, cosmetics, and fruits, and who also provide services including a beauty salon, etc.
Gloria is a businesswoman who lives with her husband and their three children. She tells us that her greatest challenge is to help her children to grow and become professional. She is very excited to receive her 13th loan with Kiva partner Esperanza Internacional, after having satisfactorily paid off her earlier loans, and with each one contributing to growing her business. She has had her business for about seven years. She started it with the aim of making money and being useful and that is when she took her first Esperanza loan. She is planning to use this loan to purchase pounds of chicken to sell in her butcher shop. She plans to use her earnings to help her husband with extra income and provide for any needs, specially for school. Her dream is to have a successful business and a comfortable house.
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.