Since receiving her first micro-credit loan, Monica has been able to purchase non-perishable items in bulk and thereby save time and money and up her profit. In order to further increase the efficiency of her restaurant and earn still more profit, which will be used to continue educating her children, Monica is requesting a loan to be able to buy more raw foodstuffs that will help bring in more income and increase profitability to be able to continue paying school fees for her children. She is happy that now she can also offer cold drinks to her customers during and after meals.
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