Monica has been in the business of selling shoes from Kashonda, Kazo for eight years and she is able to make profits worth 80,000 UGX. She is grateful for the loans because they make it possible for her to have quality shoes in her stock. Also, she would like to expand into a larger business with increased stock. With the loan, Monica hopes to buy more stock to avoid shortages.
Monica prays that her children continue being healthy so that the savings she makes will cater for their school fees once they start school.
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