Harriet is a very friendly person and easy to talk to, yet very serious with what she does. She hopes to become a wholesaler of the clothes she makes and also build a residential house for her children. She is happy that together with her husband, she is able to educate her children using her profits. This time, she hopes to increase the capital in her business so that she will be able to make profit and put aside savings for caring for the children and business expansion.
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