Luz Y Vida Group
Betty is the group president. She has three children, and works as a street vendor selling large shopping bags and sweaters. Her husband is a contractor. The treasurer, Jannett, is single and sells handicrafts; she is also studying. The secretary, Esther, has one son and runs a lunch counter, which does very well.
The group gets along very well. The women worked together previously with another financial institution, so they know each other very well. Most of the group members plan to use this loan to increase their inventory of products so that they can earn more money.
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