The Key Group
Florence is now 38 years old and is married with four children who are currently in school. She has been stuck for funds to make business progress due to the economic crisis in the country. She wants to use the loan to buy an increased stock of assorted foodstuffs to make increased sales and income to support her children’s education and her business growth. She would be grateful for your assistance.
Florence is the leader of a trust bank group called “The Key”. She is the one seated in the group photograph. Most of the members of this group are petty traders, food vendors, etc.
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