Maria V. D. V. is a single mother with five children - the oldest is 15 and the youngest is 7. They live in a barrio called La 41 in the municipality of Consuelo, about two hours northeast of the Dominican capital, Santo Domingo. She payed off her first loan from Esperanza after opening up a small grocery store that sold food and various household necessities.
This loan she is requesting will allow her to expand her business and increase her capital investments to become more self sustainable. Rosisert Reyes, Maria's loan adviser, says Maria had very little before she started her business. With this loan, her business will be more prosperous.
NOTE: This $850 loan will go to fund Maria's business, as well as four other businesses within her solidarity group. They have gone through Esperanza's business training program and will receive shares of this $850 loan to invest in their respective businesses and pay back the loan together. The entire group must pay in full and on time, otherwise group members must make up the deficit before any payment can be made. This creates accountability among the group members because each one shares in the success and struggles of the other members in their group.
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Success!! The loan was 100% repaid