Elena Caraballo is a gracious and hard-working woman with many aspirations in life. She sells clothes, dishes, and silverware in her small community and in nearby towns. She started her business about four years ago and, six months into her business, Esperanza loan officers visited her town and explained the mission and vision of the organization. Immediately Elena knew that with Esperanza’s help she would prosper. After a few meetings, the community formed several small groups. Since then, Elena has received three loans from Esperanza and is currently in her fourth loan cycle.
With the help of Esperanza, Elena has grown her business and has been able to save enough money to take a sewing class! She learned a lot from the course and she is very proud in the improved quality of the clothes she makes.
Not only has Esperanza helped Elena’s business, but it has also impacted her health and spirit. Elena shared that most people from rural communities fall upon hard times and often have little to no money to support medial expenses or trips to the hospital. Esperanza taught Elena to save her money so when she or her children need to go to the hospital she will have ’emergency fund’ available.
Esperanza has also helped Elena spiritually; she was not a Christian when started with Esperanza, but after some time she declares, “I received Christ as my Savior and now I am receiving Christ. I am very proud of myself.” Elena’s loves that every bank meeting begins with a devotional. The picture above shows Elena sharing her thoughts on the devotional that Carmen, an Esperanza facilitator, is leading.
Elena has very big dreams for her business. She hopes to one day have a shop of her own where she can sell the clothing she makes. One thing that she longs for is a sewing machine; the absence of this device has slowed down her business. With a sewing machine she will be able to put her new skills to work and make new clothes, curtains, and sheets to sell. Aside from her business, Elena also hopes to repair her home and create a space where her children and grandchildren can stay. She cannot wait for the day when her grandkids come to her new home and she can tell them “look, all of this is because of Esperanza”.
Microfinance is a banking service which exists to serve the material poor in emerging economies. Through this lending process, loans are distributed to entrepreneurs for investment in their business.
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