For ten years, Zubairi has been a businessman with a fish-selling business and also a secondhand clothes business in Iganga and Bugembe respectively. Both businesses have grown and he is able to make 20,000/= and 80,000/= as profits from the businesses. Zubairi needs a loan to be able to buy more clothes to sell and to buy more fish since an increased stock increases sales.
Zubairi is a friendly and a hardworking man and his goal is to have more businesses like rearing goats and poultry so that he could have more income; and for the goats, he plans to buy a plot where he will be able to keep them. He also strives to educate all his children.
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