She has a saloon business that she's owned for seven year and before that she was a farmer. She started her saloon with a loan from Pearl Microfinance. At first, she thought things would be very hard, but due to her friendly nature and good customer care, in addition to good quality items, she has been able to succeed.
Per week, she makes a profit of 20,000 shillings. Caroline dreams to increase her profit, build a commercial house for rent and to expand her business to supply weaves, wholesale. Caroline needs a loan to buy weaves and hair extensions for her saloon.
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