"Nuevo Progreso" is a large group of borrowers from Esperanza International. Right now there are 13 hopefuls looking for another loan. Priseida is the representative of this group and also one of the group leaders. She was chosen because she is an extremely faithful and trustworthy person. She is the mother of four children and runs a small beauty salon. Before her first loan she was barely able to take care of her children, but now can proviD. food each day and even save for the future, such as her children's education. Priseida hopes she can make enough to send them all to college. She has been increasing her business at a steady pace, and feels like this next loan will take her to a new level. She is excited about her business and excited to have something to call her own. She feels like she is on the path to a better life and wants nothing more than a better future for her loved ones. The whole group is excited about this loan and ready for the challenge!
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.