Francisca B. is a bank coordinator for the group 8, in the Bank of Hope Fuente de Paz in El Seybo. Francisca has three children; ages 3 and 6 and a one-month old baby. Francisca sells underwear and accesories as her business; most of her customers are from nearby areas. She is applying for a fifth loan from Esperanza. With her new loan she wants to increase her business even more. Francisca hopes that she one day will be able to buy a nice house to live in. She is also very preoccupied about the future of her children; one of her biggest challenges in life was to drop out of school to raise her children. She hopes to go back to school in the future and get a better education so she can provide better for her young children. On behalf of Esperanza, Francisca and the Fuente de Paz Bank of Hope, thank you for your support!
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.