She started up her business in 2002 after being an employee earning a salary, but now she is the one who employs others. She is faced with a lot of competition, high rent costs, taxation, and high transport costs for bringing the spare parts to Kampala from Dubai.
Irene has a plan of starting her own reflector workshop so that she would be able to increase her income; and in future, she plans, together with her husband, to build commercial houses in their home area of Mukono. She needs a loan to be able to buy more spare parts that are currently missing in her shop. The profits will help in catering for her household including the children’s school fees and saving for future developments.
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