She is applying for her third loan from BRAC Tanzania and plans to use it to buy more firewood to sell. She is hoping that this loan will allow her to increase her profits, grow her business, pay school fees for her children and save money for future use.
Mwandawa is 34 years old, married, and has three children, ages 10, 6 and 2. She also cares for two additional dependents. She will share this loan with her fellow loan group member, Jina. Jina runs a small business selling clothes and firewood in Zanzibar.
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