La Union Group
Sara, mother of a two year old daughter, has used her past two Esperanza loans to fund her “colmado”, or small grocery store. With her first loan, Sara ran her own small colmado until a member of her microfinance bank became ill and could no longer run her colmado. Sara merged the two colmados and with her second loan was able to fund the joint effort. The previously ill member of the bank is now healthy and will be taking over the joint colmado and Sara will use her third loan to start a new business selling used clothing. Sara is able to buy used clothing in bulk packages and sell to her neighbors and neighboring communities. When asked about the dreams for her business and life, Sara declares that she intends to help those who are ill as she has in the past and to continue to provide a good life for her child.
Other members of Sara’s microfinance bank run similar entrepreneurial activities including a beauty salon, cake sales, and a small restaurant.
On behalf of Esperanza and this group of business entrepreneurs, we would like to 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.
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Success!! The loan was 100% repaid