Afde N°2 Group
Intending to improve the quality of their services and expand the size of their businesses, the members of the group confidence decided to join the micro-finance institution IMCEC with whom they are on their second solidarity loan (group loan). The preceding loan was correctly reimbursed. They intend to use this loan to make a significant addition to their inventory of cloth and peanut butter. The cloth and peanut butter are sold retail, for cash, in the big market of Thiès. They each hope to make an average profit of 30,000 F CFA during this loan cycle, which will be used to reimburse the interest on the loan and cover necessities for their extended family, with any remainder reinvested into their businesses.
About UIMCECThis loan is administered by UIMCEC, a Kiva Field Partner in Senegal since 2008. UIMCEC is a government-regulated microfinance institution whose mission is to improve the revenue and well-being of families through access to financial services, allowing principally women and young adult micro-entrepreneurs living in rural and semi-rural areas to develop their revenue-generating businesses and supporting them in becoming financially self-sufficient.
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