Santa Teresa Group
Everyone would like to use the loan to buy more stock, material, and tools for their businesses. They all have competition in their industries, but they are confident in their business abilities and will be responsible in paying back the loan. Also, since they have taken out loans in the past, they know the importance of everyone paying back on time in order to have access to future loans.
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