Previously, Gloria used to operate from Ryamatumba trading centre but now works from Bwaise in Kampala where she is able to make weekly profits of 100,000 shillings. She says that her level of cleanliness attracts more customers and she has a dream of owning a wholesale store as well as having all her children finish school. She needs a loan to be able to purchase merchandise for resale since her loans help to expand her capital base.
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