Roxana’s in the right rear wearing red eyeglasses, a white scarf around her neck and has dark hair. She’s a member of the “Las Hortensias” communal bank located in Villarrica, Araucanía Region, Chile. The various businesses in this communal bank are: clothes making, agricultural work, animal husbandry, forestry, leather crafts, wool crafts and crochet crafts.
Roxana’s business is making and selling institutional clothing. She started a year ago formally but she’s worked her entire life making clothes since her mother who is a dressmaker taught her. Her main problem has been the lack of capital to start her business and having to get it. The money she’ll get will be used to buy supplies and small machines she needs. She hopes that she’ll do very well and comments that what she’s liked best about working with Fondo Esperanza has been finding the group support she’s had and to start achieving all the group objectives they’ve set.
Roxana, esta al fondo en la derecha de lentes rojos, pañuelo blanco al cuello y pelo oscuro, es participe del Banco Comunal Las Hortensias, que está en Villarrica, Región de la Araucanía de Chile. En este Banco los rubros son, confección de ropa, trabajo en sector agrícola, agrario y forestal, artesanía en cuero, artesanía en lana, artesanía a crochet. Y el negocio que Roxana tiene es de confección y venta de ropa institucional y comenzó hace un año de manera formal, pero toda su vida ha trabajado en la confección de ropa, ya que su madre le enseño porque ella es modista. El problema que más le ha aquejado es el hecho de no tener capital para comenzar con su negocio, y el tener que conseguirlo. El dinero que recibirá lo ocuparía para comprar insumos y algunas maquinarias pequeñas que necesita. Espera que le vaya muy bien, y comenta que lo que más le ha gustado de poder trabajar con Fondo Esperanza es el hecho de que encontró mucho apoyo de su grupo el cual está empecinado en conseguir todos los objetivos que se han propuesto.
More information about this loan
This loan targets populations in financially underserved regions of Chile. Thanks to its numerous branches, Fondo Esperanza is present nationwide and offers loans to micro-entrepreneurs in a country known for its limited microfinance industry. This Kiva loan enables entrepreneurs to maintain their current businesses in areas where Fondo Esperanza is the only available and accessible financial institution.
About Fondo Esperanza
Fondo Esperanza (FE) is a private non-profit organization that supports entrepreneurship by providing micro-credit and training to people living in poverty in well over 100 cities throughout Chile. By providing these services, FE aims to improve the living conditions of the entrepreneurs and their families. In 2010, FE provided loans to more than 41,000 entrepreneurs. It utilizes a communal banking model in which groups of 18 to 25 clients meet on regularly and guarantee each other’s loans. The members use their portion of the loan to create or expand their own businesses. In the group meetings, clients receive training though the FE Entrepreneurship School, which enhances clients’ personal and business skills and ability to work in groups.
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.