One of the women, Ana, is 32 years old and has one son. She makes skirts and embroidered blouses, typical of Guatemala, which she sells wholesale. She started her business five years ago, and joined the Chucuxcabel Trust Bank when it started in 2011, so that she could hire employees to help expand her business. Proudly, today she provides jobs to six women, all of whom are better able to support their large families because of their employment with Ana. In her third loan cycle with Friendship Bridge, Ana plans to buy yarn and fabric in preparation for the annual Easter holiday. This year she hopes her team will be able to start work early in order to meet the customer demand.
Ana and the other members of Chucuxcabel have paid back their previous loans and are requesting a new one. By allowing them to grow their businesses, the loans have a great impact on their lives and those of their families. Ana, in particular, has benefited from Friendship Bridge’s microcredit program which, in addition to the loans, provides monthly training sessions to discuss issues like women’s health, self-esteem, women’s rights, and business management.
The Chucuxcabel Trust Bank appreciates the help from KIVA investors as it encourages them to continue investing in Guatemala.
About Friendship BridgeThis loan is administered by Friendship Bridge (FB), a nonprofit, nongovernmental organization that empowers thousands of impoverished Guatemalan women through its Microcredit Plus program. The program combines small loans averaging US$350 for four-to-twelve month loan terms with non-formal, participatory education.
As FB clients, women start, expand, or diversify their businesses and learn practical lessons on topics including business, health, and self-esteem. FB’s clients borrow as a group, forming Trust Banks (groups of 7-25 women who serve as co-guarantors of the loan and act as a self-regulating support network).
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