Mujeres Virtuosas Group
She currently uses her income to cover her family's expenses and for working capital. Her plan for the future is to expand her business and finish construction on her house. She will use the loan to buy merchandise for her business.
Florentina belongs to the communal bank "Mujeres Virtuosas" ("Virtuous Women"), a group which formed 8 months ago and which is composed of 7 members. They decided on their name because all of the members are women and their greatest virtue is that of being mothers.
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