With the loan Martha is requesting, she needs it to invest in the purchase of products such as flour, chicken, and corn (fresh and dried) in order to cook her snacks. With the help of this loan, she will be able to offer more snacks to her customers and in this way she will have greater sales and better profits which will help her to support her family.
Her dream is to have her own shop and not go out to do mobile sales and to be able to have her business located in the center of the city so that she can save for when she is no longer able to work and thus have a peaceful retirement. Martha is the second loan requested from FAMA and they have satisfactorily made the payments [on the first one].
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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Success!! The loan was 100% repaid