Paula is a member of the group called La Fe (Faith) 1, 7 & 8. This group is located in the city of Samana, in a rural community surrounded by mountains and the Atlantic Ocean. These fifteen entrepreneurs are running their businesses in their community or in other communities nearby.
Paula is selling silver jewelry and accessories for women, an she wants to use this loan to buy more chains, rings, bracelets, and many other different pieces to sell. In the future she wants to continue working in order to overcome the difficulties in her life. By working hard in her business and after five loans, it has been possible to grow her business and expand her clientele. Paula told us that she is working hard because she wants to have a successful business and to save for her future plans.
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.