Zayba wants to take a loan for her husband’s business, a general store, so he can complete his stock and buy necessary materials for his shop. Also Yaqot bakam wants to take a loan for her son’s bakery business. He wants to enlarge his shop.
They say that this loan can be very useful because its provides a chance for poor entrepreneurs to expand their business.
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