Marina, who appears in the left side of the photograph in a red sweater and green scarf, belongs to the community bank group Las Islas de Castro. In this community bank, members have different businesses such as the sale of new and used clothing, the sale of vegetables, a handicraft collective, gardening, and the sale of perfumes. Marina is an artisan who knits with thin needles and crochets in addition to making wooden sculptures. She began this work 18 years ago as she grew up in the countryside and was always was wanting to learn this craft. She has not had problems but different challenges due to her work preparing the sweaters, vests, and skirts for a fashion show that she took great effort to organize with other craftsman for performing on a Chilean national holiday (September 18th) and in early January. She hopes to buy yarn and processed wool that comes from sheep's fleece with the loan money she receives. She is very happy and excited to begin to make her summer knits and she knows she will do very well by selling these. She enjoys being able to share with the other community bank members which is what she likes most about working together with Fondo Esperanza.
Marina quien en la fotografía aparece al costado izquierdo de sweater rojo y bufanda verde, pertenece al Banco Comunal Las Islas de Castro. En este Banco Comunal los socios tienes distintos rubros tales como la venta de ropa nueva y usada, venta de verduras, artesanías colectivos, jardinería y venta de perfumes. Marina es artesana y teje a palillos y crochet además de hacer figuras de madera. Comenzó hace 18 años ya que ella creció en el campo y siempre estuvo queriendo aprender de esto. No ha tenido problemas pero si diferentes desafíos que se ha impuesto gracias a su trabajo en donde también confecciona con la polerones, chalecos y faldas que promociona en un desfile de modas que ella organiza con mucho esfuerzo junto a otros artesanos y que realizando en fiestas patrias chilenas (18 de Septiembre) y a principios del mes de Enero. Ella espero poder comprar Hilado, lana procesada que viene del vellón de la oveja, con el dinero que recibirá. Está muy contenta y entusiasmada ya que empezará a confeccionar sus tenidas para el verano y sabe que le irá muy bien con la venta de aquellas. Disfruta mucho el poder compartir con los demás socios del Banco Comunal al cual pertenece, eso es lo que más le ha gustado de poder trabajar junto a Fondo Esperanza.
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.