Jane has a restaurant business that she has owned for 10 years and although business is good, she has always been faced with challenges of high costs for purchasing raw foods and the bad debtors who do not want to pay on time hence affecting Jane’s cash flow.
Jane sells mainly cooked food and refreshments from Kitega Jinja Highway and the quality meals and drinks she serves keep her customers coming back. She dreams of expanding her restaurant and having it occupy its own premises with a hope that this will bring in more income. She needs a loan to help her build a service counter for her restaurant since most of her previous loans have helped her in premises improvement.
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