Richard has a bakery business that he inherited from his father 20 years ago. His market area is in the Ishaka suburbs, with Mitooma secondary school and the University nearby. His main challenge has been the constant increase in price of the raw materials, such as flour and oil. He uses his motorcycle to supply the products to his customers and this makes his work a bit easier.
His kind of products include doughnuts, cookies, brown bread, pancakes, kebab and chapattis and luckily he has customers for all his products. Richard had a dream of opening up a store in the suburban town with a van to expand in the market, as well as have all his children educated up to the university level. He needs a loan to help with buying firewood and flour for baking purposes.
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