All of the members ensure that they are obtaining the loan to purchase food supplies like rice, potatoes, noodles and other items since most of them sell food for a living. The others sell cosmetics, party favours and footwear.
Their president, Bertha M., states that the group’s objective is to spend a lot of time working together in order to accumulate a good amount of savings.
Su presidenta Bertha M., manifiesta que el objetivo del grupo es estar juntas mucho tiempo, hasta lograr un buen ahorro.
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